ATLANTA—TownPark Commons, a 349,635-square-foot office building in Kennesaw, GA, a northwest suburb of Atlanta, has won the confidence of investors. HFF arranged a $41.4 million acquisition loan against the asset.
HFF senior managing director Brian Carlton and director Gregg Shapiro led the charge. The firm placed a five-year, fixed-rate loan with Ares Management. The loan will also fund tenant improvements and leasing commissions.
TSP Value and Income Fund, a discretionary value-add real estate fund managed by Transwestern Investment Group, acquired the asset. The fund works to deliver strong risk-adjusted returns with a focus on current income and lower volatility.
“Transwestern Investment Management, through its TSP Value and Income Fund, has acquired one of the premier suburban office assets in the Atlanta metro,” Shapiro tells GlobeSt.com. “TownPark Commons has a long history of institutional ownership and high quality, long-term tenancy and Transwestern is ideally suited to continue that legacy.”
Town Park Commons sits at 125 TownPark Drive in a business park setting between Interstates 575 and 75 in the northwestern greater Atlanta area. The 99.6% leased property is anchored by Enercon, an architectural, engineering, environmental, technical and management services firm.
Kennesaw is winning more attention from investors. Bridges of Kennesaw, a 296-unit multifamily asset in the Atlanta suburb of Kennesaw, GA, traded hands in August. The deal marks RADCO Companies second multifamily acquisition in the northern suburb.
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