Done Deals: Atlanta Property Group Acquires 1000 Parkwood in city’s Cumberland/Gallelria submarket

Saturday, June 8, 2013

Atlanta Property Group Acquires 1000 Parkwood in city’s Cumberland/Gallelria submarket

1000 Parkwood in Atlanta's Cumberland/Galleria office submarket

Jay O'Meara

ATLANTA (June 7, 2013) – Atlanta Property Group, a locally based real estate investment firm, said today it has closed on its acquisition of 1000 Parkwood, a 212,565-square-foot office building in the heart of Atlanta’s Cumberland/Galleria submarket.

The 10-story, LEED Gold-certified building at 1000 Parkwood Circle in Cobb County is located just northeast of the intersection of I-285 and I-75. Built in 1985, the recently renovated building is 87 percent leased.

Justin Parsonnet

Jay O’Meara, Justin Parsonnet and Will Yowell of CBRE represented the seller in the transaction, the terms of which were not disclosed.

“1000 Parkwood is a perfect fit for our portfolio of well-located, value-oriented properties that provide tenants with high-quality office space at outstanding prices,” said Court Thomas, an Atlanta Property Group partner. “With its easy access to all parts of metro Atlanta, this is an immensely appealing facility.”

Will Yowell

1000 Parkwood marks the eighth acquisition completed by Atlanta Property Group since mid-2010; the acquisitions total 1.6 million square feet.

Two of the other properties purchased in that timeframe also are in the Cumberland/Galleria submarket: the 124,000-square-foot 280 Interstate North and the 70,000-square-foot Paces Cumberland.

Austin Chase

The purchase of 1000 Parkwood follows Atlanta Property Group’s recent acquisition of the 535,000-square-foot Northcreek Office Park in Buckhead. .

The 1000 Parkwood transaction brings Atlanta Property Group’s portfolio to 2.9 million square feet in 16 properties. “We are continually seeking future investment opportunities across the metro Atlanta area,” Thomas said.