X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ATLANTA-Long-range investment planning has paid off for Parkside Partners Inc. The locally based firm bought the 18-year-old, 16,207-sf, three-story office building at 5040 Roswell Road in 2003 from St. James Court LLC for $2.1 million or $129.57 per sf. Parkside has just sold the property for $2.7 million or 166.50 per sf.

Peachtree Planning Corp., which outgrew its 10,000-sf building at 3131 Maple Dr. in Downtown Buckhead, bought the Roswell Road property and plans to occupy the entire building after renovations are completed in the fall.

Now Parkside has the exclusive listing to sell Peachtree Planning’s building at an asking price of nearly $2.3 million or about $225 per sf–a soaring price tag for much-in-demand small office buildings, area brokers tell GlobeSt.com.

“5040 Roswell Rd. was an attractive acquisition for us (in 2003) because it’s tough to find free-standing buildings in this size range,” says Kyle Jenks, a Parkside principal. “We felt confident we would be able to identify one large user or several smaller firms to locate here for the long term.” Jenks and associate Jeff Pollock negotiated for their firm. Peachtree Planning was not represented by an outside broker.

If Jenks and Pollock can’t find a buyer for the 10,000-sf building, they plan to lease the property at a projected average rent of $20 to $22 per sf. “The building was emptied by us to make way for a single user or for a planned office condo conversion,” Pollock tells GlobeSt.com.

Parkside’s office condo conversion credits include the 29,000-sf Blue Horse at Inman Park Village and the 22,000-sf Brasfield Overlook at Glenwood Park.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.