Parkway Properties Makes $167.3M Purchase in GA

Parkway Properties completed the acquisition of the office and retail portion of a mixed-use development in Buckhead, GA for $167.3 million according to a GobeSt.com article. Jones Lang LaSalle represented the seller, Regent Partners, in the transaction. Parkway assumed the $89.6 million first mortgage that was in-place at the property.

3344 Peachtree is the office and retail portion of a 50-story, vertical mixed-use development in the greater Atlanta market with approximately 484,000 square feet of office and retail space. The property is currently 95% leased with major tenants including Jones Lang LaSalle, Weinberg, Wheeler, Hudgins Gunn & Dial LLC, SPANX, Littler Mendelson, and Fifth Third Bank. The residential component of the project, known as SOVEREIGN, contains 82 high-quality residential condominiums and is not a part of Parkway Properties investment. The project was developed in 2008 by Regent Partners, LLC and was designed by Smallwood, Reynolds, Stewart, Stewart & Associates; the project was awarded "Project of the Year" by the Urban Land Institute in 2009.

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