July 11, 2017
Los Angeles-based Praelium Commercial Real Estate and Charlotte, NC-based South Street Partners purchased Newmarket Business Park, a six-building office park encompassing 471,486 square feet in Marietta, GA. The 85% occupied property is located between Cobb Parkway and Franklin Gateway, northwest of Atlanta, near SunTrust Park, the newly-constructed Atlanta Braves baseball stadium.
Praelium’s Scott G. San Filippo says, “This property is an excellent fit for our national investment strategy. Atlanta is a solid market, and the property benefits from a national credit tenant with a long-term lease in place that has already made a significant investment in this location.”
Home Depot USA occupies 66% of the property, which consists of four, single-story buildings and two, two-story buildings.
Colliers International represented the seller, LNR. ACORE Capital provided the financing for the transaction, which was arranged through Walker & Dunlop’s Mark Strauss.
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