The American Business Center consists of 368,289 square feet innine buildings at 1395 South Marietta Parkway, and the WhiteWaterBusiness Center is made up of 251,339 square feet in five buildingsat 200 North Cobb Parkway. WhiteWater also includes 36,977 squarefeet of retail space that is 88% occupied. Both centers are inclose proximity to Interstate 75 and Interstate 285 and are 68%leased combined, says Bill Kouchalakos, partner and managingdirector of Capital Commercial. Major tenants include theHealthfield Group, General Electric, Bekaert Corporation,Concentra, DaVita and Embry-Riddle Aeronautical University.


"We thought it was an excellent opportunity because it's aninfill location and land values have gone up dramatically over thelast 10 to 15 years," Kouchalakos tells "We alsopurchased the property at well below replacement cost, plus there'snot much of this type of product in the Northwest market."


Urdang acquired the properties in December 1999, and have sincemade capital improvements including roof replacements, newelevators and landscaping, along with interior renovations, saidVincent Sanfilippo, chief investment officer of Urdang CapitalManagement, in a release. Resource Real Estate Partners brokeredthe transaction on behalf of the seller.


Leasing rates at the parks' office space ranges frm $9.50 to $10triple net, says Kouchalakos. According to a Grubb & Ellisthird quarter market report, the Marietta/Kennesaw submarket has avacancy rate of 15.5% with a year-to-date absorption of 89,477.

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