The Ardent Companies Buys Two Suburban Atlanta Business Parks For $41 Million
A 21-building portfolio of suburban Atlanta business parks has traded hands for $41 million.
The Ardent Companies acquired the 880,000 square feet of warehouse/flex properties. The two separate business park included nine buildings in Marietta’s Franklin Forest Business Park and another 12 in Norcross’ Northwoods Business Office Park.
Ardent paid about $47 a foot, or $41.4 million, according to people familiar with the transaction.
Managing Director Scott Werbel said the real estate company will start capital improvements to the properties and launch a strategy to attract new tenants.
Ardent acquired the portfolio in a partnership with Axonic Capital LLC and Taconic Capital Advisors LP.
Axonic is a New York based investment advisor founded by Clayton DeGiacinto in 2010. Taconic is a global institutional investment firm founded in 1999 by former Goldman Sachs partners Frank Brosens and Ken Brody.
Ardent has completed several large transactions over the past year, including an expansion of its ownership in Buckhead’s Piedmont Center, where it now controls nine buildings and 63 percent of the project.
Douglas Sams
Commercial Real Estate Editor
Atlanta Business Chronicle
From the Atlanta Business Chronicle: https://www.bizjournals.com/atlanta/news/2018/05/03/the-ardent-companies-buys-two-suburban-atlanta.html