ATLANTA—Parmenter Realty sold the Gwinnet Commerce Center to a joint venture led by Hollywood, FL-based Biscayne Atlantic, along with Red Starr Investments and PointOne Holdings. Gwinnett Commerce Center, a 10-story, 213,563-square-foot office building in Duluth, GA, 22 miles northeast of Downtown Atlanta.
Cushman & Wakefield‘s Investment Sales Team, which includes executive directors David Meline and Stewart Calhoun and director Samir Idris, represented Parmenter in the deal. C&W’s Equity, Debt & Structured Finance Group, led by senior managing director Mike Ryan and managing director Brian Linnihan, arranged acquisition financing on behalf of the buyer.
“Gwinnett Commerce Center offers the buyer the prospect of achieving excellent returns by increasing occupancy levels and solidifying the property’s status as the premier Class A office building in Gwinnett County,” says Meline. The new owners selected C&W as the exclusive leasing agent and property manager of the building. Leasing director Andy Sumlin and leasing manager Aileen Almassy of C&W’s Atlanta office will lead the leasing efforts.
“Our leasing and management teams are looking forward to this opportunity. Gwinnett Commerce Center offers numerous first-class amenities and an outstanding location at I-85 and Pleasant Hill Road,” says Sumlin. “The recent completion of the Diverging Diamond Interchange project at I-85 and Pleasant Hill Road improves the building’s already excellent access to the Interstate.”
As part of its commitment to enhancing amenities and services for tenants, the owner will move forward with a comprehensive capital improvement program. The sale price was not disclosed.