Miami-Area Firm Buys Office Park in Georgia for $24M
The Aventura, FL-based asset management firm purchased the 187,373-square-foot office center in Cobb County from Pope & Land Real Estate of Atlanta.
KENNESAW, GA—ESJ Capital Partners, LLC has acquired the nearly fully-occupied Barrett Business Center in this northwest Atlanta suburb in a deal valued at $24.50 million.
The Aventura, FL-based asset management firm purchased the 187,373-square-foot office center in Cobb County from Pope & Land Real Estate of Atlanta. The property is currently 92% leased and its major tenants include Airgas and CarMax.
Pope & Land Real Estate, which originally developed the center between 1999 and 2008, has been retained by ESJ Capital to handle property management and leasing of the property. Pope & Land was represented in the deal by CBRE’s Justin Parsonnet and Ryan Reethof.
“Kennesaw is one of Atlanta’s most thriving suburbs, and consequently an ideal location for us to continue to diversify both in assets and geography,” says Arnaud Sitbon, president & CEO of ESJ Capital Partners. “We look forward to exploring similar opportunities in the near future.” The Barrett Business Center is located near the Barrett Parkway, I-75 and I-575.
David Garfinkle, a partner at ESJ and head of the firm’s real estate Division, adds, “Barrett Business Center ideally fits our stated goals for the growth and diversification of our portfolio. We have a great deal of interest in similar well-positioned, well-managed properties with excellent long-term potential.”
The new owner reports it plans to invest more $1 million in capital improvements, chiefly focused on common areas and business systems. ESJ Capital maintains a diversified national portfolio of more than 4 million square feet comprised of education facilities, office, apartments and hospitality/entertainment destinations.