GREENVILLE, S.C. – RealOp Investments, a Greenville, South Carolina-based commercial real estate investment firm, closed out 2019 with the acquisition of Parkwood Plaza at 1300 Parkwood Circle SE, Atlanta, Georgia, for $19.65 million.
Closing on Dec. 30, Parkwood was RealOp’s third Atlanta acquisition in 2019 but the first in the Cumberland/Galleria submarket.
The five-story, Class A office building built in 1989 totals 216,600 square feet. It is located in the core of the Cumberland/Galleria submarket of Atlanta and walking distance from the $3.5B mixed-used Battery redevelopment project headlined by the Atlanta Braves’ new stadium, SunTrust Park, completed in 2017.
RealOp will invest more than $4 million in capital improvements to create the amentized environment employers desire to attract and retain top talent. Planned renovations include a new lounge/café, new conference and training facilities, a new fitness center, modernized restrooms, cosmetic lobby updates, modernized elevators and outdoor patio. Renovations will commence immediately.
“We are very excited to complete this transformative renovation over the next year and ultimately reintroduce a first-class property to our future tenants,” said Chip Hunt, RealOp’s vice president of leasing.
These improvements will bring the building to submarket standards, aligning with RealOp’s goal to provide a “best in class experience.” The building is an ideal fit for large corporate users with a strong parking ratio, excellent highway access, building signage, and contemporary window lines with views of SunTrust Park, Hunt said.
Parkwood Plaza is currently a full building opportunity. Available space ranges from approximately 1,748 to 200,000 square feet.
RealOp has engaged Foundry Commercial as its in-market leasing partner.
“Parkwood was acquired at an attractive basis and is a great fit for RealOp’s portfolio. We believe Atlanta’s dynamic workforce, as well as affordable cost of doing business, will lead to continued growth and performance, particularly in infill, highly amenitized submarkets like Cumberland/Galleria,” said Julian Nexsen, RealOp’s vice president of acquisitions. “As we enter 2020, we plan to continue growing our presence throughout the Southeast with a focus on value-add acquisitions in strong growth markets, such as Atlanta.”
About RealOp Investments:
RealOp Investments is a commercial real estate investment company founded in 2009 specializing in value-add and opportunistic acquisitions. With deep roots in the Southeast, our investment strategy spans all commercial asset classes and is based on a relationship-driven pursuit of value; not only in identifying off market opportunities, but in creating value through innovative capitalization structures, management expertise and the execution of unique strategies tailored to each asset. The firm was named the 2019 Greenville Chamber Small Business of the Year, and one of the Top 25 Fastest Growing Companies in the state of South Carolina for 2018 and 2019. Learn more at www.realopinvestments.com.