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.

JLL Capital Markets arranged the $63.5 million sale of Cobb Place, a 335,190-square-foot shopping center in Kennesaw, Georgia.

JLL represented the seller, Wicker Park Capital Management. The buyer was Shaked Acquisitions.

Cobb Place, located at 840 Ernest W. Barrett Pkwy. along I-75, boasts a durable tenancy with an average tenure of more than 17 years. Its tenant mix includes Ashley HomeStore, American Signature Furniture, DSW, World Market, Hobby Town, Bassett Furniture, Natuzzi and BrandsMart.

Jim Hamilton, Brad Buchanan, Andrew Kahn, and Anton Serafini led JLL Capital Market’s Investment and Sales Advisory team, which represented the seller.

Wicker Park Capital Management is a privately held real estate investment firm focused on multi-family, retail, and mixed-use properties in the Southern United States. Based in Savannah, WPCM has offices in Birmingham and Atlanta.