A Parthenon representative declined to disclose the purchase price. However, area industrial brokers familiar with the Kennesaw submarket tell GlobeSt.com the six-building property probably went for $125 per sf or an estimated total $38 million. Hard construction costs for a comparable property today are between $150 per sf and $200 per sf, area construction sources tell GlobeSt.com.

In January, Parthenon bought the 154,113-sf, 91.8%-leased Ashford Center North from affiliates of New York-based JP Morgan Investment Management Inc. for $20 million and the 159,145-sf, 94.7%-leased Peachtree Ridge for $20.87 million, as GlobeSt.com previously reported.

Chastain Center is at 60-500 Chastain Center Blvd., between Interstates 75 and 575 in Kennesaw's Town Center submarket, about 22 miles northwest of Downtown Atlanta. BellSouth Corp. anchors the park. Parthenon president Drew Cunningham represented his firm. Jim Shelton, Scott Stringer, Eli Green and Madison Williams negotiated for Chastain Center Associates LP, a limited partnership formed by Carter and USAA.

Trey Freeman, Parthenon's senior vice president, says Chastain Center has several long-term tenants "in an extremely strong submarket." Parthenon will lease and manage the park. The company owns, leases or manages 3.1 million sf in the Atlanta office market.