Kaufman Pays TA Nearly $11M for Gwinnett Office Building

ATLANTA-Locally based Kaufman Realty Group has acquired the Crescent, a three-story, 115,000-sf office building across the street from Simon Property Group’s 1.24-million-sf Gwinnett Place Mall in central Gwinnett County. Kaufman paid Boston-based TA Associates $10.6 million, or $92.17 per sf, for the 90%-leased property at 3473 and 3483 Satellite Blvd.

Kaufman founder and president Craig Kaufman says his company bought the crescent-shaped building because “it is a quality asset that houses a number of small businesses and makes a perfect match for our business plan to serve the small to mid-size tenant.”

He says “most big players have ignored the small tenant and often make matters difficult for smaller tenants to lease at their buildings. Our strategy is to make it simple for the small tenant.” Kaufman Realty Group generally buys properties in the $5-million to $30-million range, the company executive says.

The developer says the newly created Gwinnett Place Community Improvement District is “an added plus for the area.” He adds, “They help create a community look while promoting pedestrian access and improving traffic flow.”

The Crescent was on the market for only a month. TA Associates had owned the property for 10 years. The average asking gross rent is $16.50 per sf, full service. Adam Viente of Jones Lang LaSalle negotiated for Kaufman. Ralph Smalley and Chris Marshall of Cushman & Wakefield of Georgia Inc. represented TA Associates.