Lincoln Property Company Brokers $7.35 Million Sale of Suburban Atlanta Business Center
Lincoln Property Company Southeast has brokered the $7.35 million sale of Parker Court Business Center, a nine-building industrial park in Stone Mountain, Ga., that contains 243,096 square feet of flex and warehouse space.
MR Parker Center LP, a related entity to Janus Realty Advisors, purchased the property. Denton Shamburger, Vice President for Lincoln Property Company Southeast, represented the seller, PEM Parker Court LLC, and was the only broker involved in the transaction. The buyer has retained Lincoln Property Company, which had served as a court-appointed receiver for the property before the sale, to manage and lease the industrial park.
Built in the 1980s, Parker Court is located just off Highway 78 near the entrance to Stone Mountain Park and serves as a convenient location for small and mid-size companies drawing employees from the eastside neighborhoods of Metro Atlanta. The park was 52 percent leased at the time of sale, and new ownership is intent on investing into the park to accelerate lease up of the asset.
“This is a perfect location and environment for smaller industrial tenants needing proximity to I-285 and the eastside suburban markets of Metro Atlanta,” Shamburger said. “With a renewed focus on leasing and an aggressive rate structure, Parker Court is an excellent value for any tenant ranging in size from 1,500 to 25,000 square feet.”
As a court-appointed receiver for the property, Lincoln was able to bring together the right team to execute a clean up of the existing rent roll and physical property, and to maximize value through a broadly marketed sales process.
“Our teams have become particularly adept at working as a receiver to bring a full complement of services – management, leasing, construction management and investment sales – to find solutions for challenged real estate,” said Tony Bartlett, Senior Vice President for Lincoln Property Company Southeast. “We really enjoy the process of bringing stability to an asset while executing creative strategies to find value for our clients. This is a great purchase for the buyer, and we are excited about our continuing role in this property.”