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| Parker Court Business Center, Stone Mountain, GA |
ATLANTA, GA– Lincoln Property Company Southeast has brokered
the $7.35 million sale of Parker Court Business Center, a nine-building
industrial park in Stone Mountain, Ga., that contains 243,096 square feet of
flex and warehouse space.
MR Parker Center LP, a related entity to Janus Realty
Advisors, purchased the property. Denton Shamburger, vice president for
Lincoln Property Company Southeast, represented the seller, PEM Parker Court
LLC, and was the only broker involved in the transaction. The buyer has
retained Lincoln Property Company, which had served as a court-appointed
receiver for the property before the sale, to manage and lease the industrial
park.
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| Denton Shamburger |
Built in the 1980s, Parker Court is located just off
Highway78 near the entrance to Stone Mountain Park and serves as a convenient
location for small and mid-size companies drawing employees from the eastside
neighborhoods of Metro Atlanta. The park was 52 percent leased at the time of
sale, and new ownership is intent on investing into the park to accelerate
lease up of the asset.
“This is a perfect location and environment for smaller
industrial tenants needing proximity to I-285 and the eastside suburban markets
of Metro Atlanta,” Shamburger said. “With a renewed focus on leasing and an
aggressive rate structure, Parker Court is an excellent value for any tenant
ranging in size from 1,500 to 25,000 square feet.”
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| Tony Bartlett |
As a court-appointed receiver for the property, Lincoln was
able to bring together the right team to execute a clean up of the existing
rent roll and physical property, and to maximize value through a broadly
marketed sales process.
“Our teams have become particularly adept at working as a
receiver to bring a full complement of services – management, leasing,
construction management and investment sales – to find solutions for challenged
real estate,” said Tony Bartlett, senior vice president for Lincoln
Property Company Southeast. “We really enjoy the process of bringing stability
to an asset while executing creative strategies to find value for our clients.
This is a great purchase for the buyer, and we are excited about our continuing
role in this property.”
Contact:
Stephen Ursery
The Wilbert Group
E-mail: sursery@wnspr.com
Office: (404) 965-5026
Cell: (404) 405-2354
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