JV Investors Buy Massive Marietta Office Park
A joint venture from both sides of the U.S. has bought into the Cumberland/Galleria area office market.
California-based Praelium Commercial Real Estate and Charlotte, North Carolina-based South Street Partners have purchased Newmarket Business Park, a six-building, more than 470K SF office park off Cobb Parkway in Marietta, mainly occupied by Home Depot. Details of the transaction were not disclosed as of press time.
“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,” Praelium Commercial Real Estate principal Scott San Filippo said.
Officials with both Praelium and South Street said the new SunTrust Park, as well as the new Atlanta United Football Club practice facility — both within a few miles from Newmarket — could help draw further corporate office interest in the area. Developers with The Battery at SunTrust Park also are considering adding more office space at the mixed-use project.
The partnership has been targeting office and commercial asset investments across the country, and specifically in the Southeast, Midwest and California, officials said.