The newly acquired properties are the 154,113-sf Ashford Center North at 100 Ashford Center North, off Ashford-Dunwoody Road in the 27-million-sf Central Perimeter submarket and the 159,145-sf Peachtree Ridge at 3500 Parkway Lane in Peachtree Corners, off Peachtree Industrial Boulevard in suburban Norcross. The six-story Ashford Center North is 91.8% leased. The seven-story Peachtree Ridge is 94.7% leased.
Parthenon paid affiliates of New York-based JP Morgan Investment Management Inc. $20.35 million, or $132.04 per sf, for the six-acre, 19-year-old Ashford Center North site. It paid $20.87 million, or $131.13 per sf, for the 13-acre, 21-year-old Peachtree Ridge property.
A Parthenon representative tells GlobeSt.com each property was on the market for six months. The deals were done separately. "We already have a significant presence in Atlanta, so we are comfortable adding to our portfolio here," says Parthenon president Drew Cunningham.
Parthenon owns, leases or manages 3.1 million sf in the Atlanta office market, including Embassy Row and 5871 Glenridge in the Central Perimeter submarket; 1600 Parkwood and Paces Cumberland in the Northwest area; one million sf in five single-story office properties in suburban Norcross; and 500,000 sf in six mid-rise office buildings in Peachtree Corners.
Parthenon's Southeast portfolio totals eight million sf in San Antonio; Memphis and Nashville; Greenville, SC; Raleigh/Durham and Greensboro/Winston-Salem, NC; and metro Atlanta.
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