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MARIETTA, GA-CCI-B Marietta LLC, a partnership formed by Austin, TX-based Capital Commercial Investments Inc. has acquired two office/flex business parks totaling 14-buildings from Urdang, a company affiliated with BNY Mellon Asset Management. The 619,628-square-foot package, located on a total of 48 acres, sold for $48 million.

The American Business Center consists of 368,289 square feet in nine buildings at 1395 South Marietta Parkway, and the WhiteWater Business Center is made up of 251,339 square feet in five buildings at 200 North Cobb Parkway. WhiteWater also includes 36,977 square feet of retail space that is 88% occupied. Both centers are in close proximity to Interstate 75 and Interstate 285 and are 68% leased combined, says Bill Kouchalakos, partner and managing director of Capital Commercial. Major tenants include the Healthfield Group, General Electric, Bekaert Corporation, Concentra, DaVita and Embry-Riddle Aeronautical University.

“We thought it was an excellent opportunity because it’s an infill location and land values have gone up dramatically over the last 10 to 15 years,” Kouchalakos tells GlobeSt.com. “We also purchased the property at well below replacement cost, plus there’s not much of this type of product in the Northwest market.”

Urdang acquired the properties in December 1999, and have since made capital improvements including roof replacements, new elevators and landscaping, along with interior renovations, said Vincent Sanfilippo, chief investment officer of Urdang Capital Management, in a release. Resource Real Estate Partners brokered the transaction on behalf of the seller.

Leasing rates at the parks’ office space ranges frm $9.50 to $10 triple net, says Kouchalakos. According to a Grubb & Ellis third quarter market report, the Marietta/Kennesaw submarket has a vacancy rate of 15.5% with a year-to-date absorption of 89,477.

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