Atlanta investor Boyd Simpson is expanding his company’s office collection with the addition of a two-building complex on I-75 in Marietta, GA.
The Simpson Organization closed Dec. 27, 2017, on One and Two Parkway Center, which comprise a total of 467,675 square feet of 4-star office space at I-75 and S. Marietta Pky. in Atlanta’s northwest suburbs.
The acquisition, which went for approximately $62 million, also includes a five-acre site that can accommodate 300,000 square feet of new office space.
The seller was Bridge Commercial Real Estate, a Marietta-based affiliate of Bridge Investment Group of Salt Lake City. David Meline, Stewart Calhoun and their team at Cushman & Wakefield of Atlanta represented Bridge in the sale.
Boyd Simpson, owner of The Simpson Organization, tells CoStar News his firm plans to make an investment of $4-$5 million to improve the infrastructure and overall property. "The buildings are interestingly well-located in context of all of the transportation improvements in the Northwest corridor and all that’s happening there and in Marietta," Simpson said. To that end, Simpson will work to best determine what to do with the developable land, he added.
Bridge Investment, formerly ROC Fund II, had owned the two buildings and developable land at the site since August 2014, when its affiliate, ROC III Fairlead Parkway Center LLC, bought them for $31 million from CBRE Global Investors, according to CoStar Research. At the time, the two buildings had an aggregate occupancy rate of 53%.
Bridge Investment made significant improvements and upgrades to the buildings, including enhancement of the amenities and common areas, Bridge Commercial Real Estate CEO Jeff Shaw said Wednesday. "Bridge Commercial Real Estate leased the project up with about 25 leases, so it was a good time to sell," noted Shaw. "The activity for the sale was strong, and the buyer gets a beautiful building with great tenants and plenty of meat on the bone."
One Parkway Center is a 12-story, 238,285-square-foot building whose major tenants include GDS Associates, Akzo Nobel Chemicals and Waste Management National Services. Two Parkway Center is a 12-story, 229,390-square-foot building anchored by WellStar Health System, which occupies more than 60% of the rentable space.