Atlanta, Georgia – We travel to the exciting an still growing city of Atlanta for NNN Commercial Real Estate news. The Buckhead area, an Atlanta sub-market is a terrific area to search for NNN Commercial Real Estate. Our latest news is on Parkway Properties making an impressive purchase in the Atlanta Buckhead area. Parkway Properties is based in Jackson, Mississippi, acquired a premier mixed-use property for $167 million.
Parkway Properties purchased the trophy property, 3344 Peachtree, in the upscale Buckhead area. Parkway Properties assumed Investment Property financing of an $89.6 million commercial loan. The reports are that this commercial loan has a 4.75% fixed interest rate and it becomes due in approximately 6.5 years.
Parkway Properties is a commercial real estate services and advisory firm that takes care of Investors who own or acquire high quality, Class A office space. Parkway Properties remains committed to offering expert commercial real estate advice, strategic leasing services, and professional management services. They strive to help commercial real estate investors increase the NOI and maximize their profit upon exit. Parkway Properties owns a proven track record of successful leasing and commercial real estate management and they treat their clients’ commercial real estate investments with great respect.
This was a Commercial Real Estate Development received plenty of interest back in 2007 when it was being constructed. 3344 Peachtree is a eye-pleasing, spiraling architectural gem that, includes approximately 485,000 square feet of office and retail space. This Commercial Real Estate Development also has a residential portion called Sovereign. This residential real estate portion includes 82 condominiums, will not be included in the Parkway Properties’ purchase. We initially believed that the trophy commercial property would have 93 condo units but ended up with the 82.
The Commercial Real Estate seller was Regent Partners. Regent Partners is a local Atlanta-based commercial real estate development and investment firm. Regent Partners was established in 1988. Since their inception, Regent Partners has acquired and developed more than 10-million square feet of commercial real estate, valued in excess of $2 billion. Regent Partners has a very diverse Investment Property Portfolio. They own Commercial Real Estate which includes hotel investments, office buildings, net lease properties, retail, mixed-use properties and land holdings
3344 Peachtree was purchased for $167.25 million. The gorgeous commercial property is situated along Atlanta’s main thoroughfare, Peachtree Road. The office space is very hot with that portion being entirely leased at this time. There is also net lease retail space and an 11-story parking structure for Tenants. This is an ideal upscale area that achieves heavy traffic, located near a MARTA transit station, close to hotels, shops, and some fine restaurants. This Commercial Property benefits from Peachtree frontage and still has easy access to the Buckhead Loop, GA-400 and Atlanta’s major thoroughfares. Visitors and Tenants of 3344 Peachtree can gain entry at the street level of the building.
The 50-story mixed-use development was not revealed to be in a 1031 Exchange. Some of the major tenants leasing space include Jones Lang LaSalle, Weinberg, Wheeler, Hudgins Gunn & Dial, LLC, Littler Mendelson, SPANX, and Fifth Third Bank. 3344 Peachtree also leases to Tenants, Hodges Ward Elliott, The Buckhead Club (Buckhead Club relocated their headquarters to 3344 Peachtree), Barclays, and Bistro Niko. Bistro Niko is a fantastic place to dine in Atlanta. This trophy property 3344 Peachtree is surrounded by 2,000 hotel rooms, more than 150,000 square feet of meeting space, 25+ restaurants which are all within one block. The Commercial Property has a fitness center, bank, great coffee shop, and many other amenities. This Commercial Property Investments also has nine high-speed passenger elevators to reach the upper levels with unbelievable views. This 50-story mixed-use property stands out in crowd from others in the Buckhead skyline competition.
We believe the retail net lease area is approximately 93% leased to 26 tenants. They have an average net-lease term of seven years with the Tenants. The commercial real estate development was completed in 2008 by Regent Partners. There is a a neighbor commercial property that would be an ideal 1031 Exchange replacement property. Parkway Properties already owns that commercial investment known as One Capital City Plaza.
CONTACT Net Lease Properties for Acquisitions and Dispositions.
