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RG Picks Up Distressed Kennesaw Office Asset
RG Real Estate acquired TownPark Commons for $42 million, a steep discount from an appraisal of the property four years earlier. In April 2021, the office park had been appraised at $79.1 million. It sold for almost 47% less, or roughly $120 per square foot. The Kennesaw office park spans 20 acres off George Busbee Parkway, a short drive from Kennesaw State University.
Special servicer KeyBank National Association facilitated the sale on behalf of a trust.
The Atlanta Business Journal reports TownPark Commons was part of Adventus Realty Services’ portfolio, which was tied to a $350 million commercial mortgage. The loan had been securitized, and the trust representing the loan’s investors foreclosed on the metro Atlanta properties in December.
TownPark Commons has four office buildings that span a total of 350,000 square feet. It’s 96% occupied.
- ◦Sale/Acquisition
