Transwestern Investment Group (TIG®) today announces it has sold TownPark Commons on behalf of one of its managed funds. The 350,012-square-foot office project is at 125 – 500 TownPark Drive in Kennesaw, Georgia.
Originally constructed between 1996 and 1998, TownPark Commons consists of four midrise, Class A office buildings in the Kennesaw submarket of Northwest Atlanta. The property features an attractive 4.0 spaces per 1,000 square feet parking ratio, a remodeled conference and training facility, a modernized deli, and a state-of-the-art fitness center. The resulting product delivers a best-in-class office experience to its diverse roster of tenants and contributed to the execution of over 142,000 square feet of leasing during the hold.
At disposition, TownPark Commons was 100 percent leased to a strong and diverse rent roll of 23 tenants. The campus offers tremendous corporate appeal with outstanding consistency, as demonstrated by its 92 percent average occupancy over the last 20 years and an average tenure at the property for existing tenants of 15.2 years. When combined with a weighted average lease term in excess of eight years, the asset provides durable, long-term cash flow.
Transwestern provided management and leasing services for the property, led by Senior Vice President Jeff Taylor. In that role, Taylor and Transwestern were instrumental in securing lease extensions from two of the project’s largest tenants, ensuring a successful disposition.
Eastdil Secured represented the seller in the transaction.
ABOUT TRANSWESTERN INVESTMENT GROUP
Transwestern Investment Group (TIG®) is an investment adviser serving a broad range of investors through a diversified array of discretionary and non-discretionary investment vehicles. Our client-focused, relationship-driven approach ensures our priorities are our clients' investment objectives. With $4.4 billion of assets under management, trust, integrity and transparency are the cornerstones of our business. TIG provides tactical investment management with an integrated operating platform through the Transwestern family of companies, which includes a diversified real estate services firm with 35 U.S. offices and a development company. For more information, visit transwesterninvest.com.
