ACP Picks Up TownPark Ravine Office Park with $41.1M Loan
- Aug 12, 2014
America’s Capital Partners has purchased TownPark Ravine, a three-building, 367,090-square-foot office park near Kennesaw.
America’s Capital Partners is a fully integrated, private commercial real estate investment company based in Coral Gables, Florida, involved in the development of several Florida projects including high-rise residential, retail, industrial and self-storage facilities. Additionally, the firm has managed and leased over 20 million square feet of office space along the east coast with an aggregate asset value of over $5 billion.
Cushman & Wakefield’s Capital Markets Group represented the seller, Taylor & Mathis Inc. Executive Directors David Meline and Stewart Calhoun, Director Samir Idris and Brokerage Services Director Casey Masters spoke for the real estate company in the transaction. Cushman & Wakefield also arranged acquisition financing for the purchaser through its Equity, Debt and Structured Finance team. Mike Ryan, Brian Linnihan, Jeff Walker and Larry Johnson arranged the $41,137,500 the long-term, fixed-rate loan that is being provided by GE Capital Corp.
The purchase price was not disclosed. TownPark Ravine is part of a 243-acre master-planned development northeast of Marietta, between Interstate75 and Interstate 575. The office park is adjacent to The Village at TownPark and located one mile north of Town Center at Cobb.
Built in three phases from 1999 to 20006, the acquired assets include two 6-story buildings of over 133,000 square feet and a 4-story building with 100,770 square feet of space. Mike Ryan considers the property a profitable office complex due to its location, the “stable and diverse tenant mix” and its stable cash flow.
“The stable rent roll and strong occupancy allowed the buyer to maximize proceeds and the interest-only period,” he adds, according to a recent written announcement released by Cushman & Wakefield.
Photo credits: Taylor & Mathis Inc.