Partners Capital, the investment platform of Partners Real Estate, announced the first acquisition made through its newly launched investment vehicle, Opportunity Fund VI. The fund has acquired Powers Ferry Business Park, a 261,949-square-foot flex/service center asset located in the Cumberland/Galleria submarket in Northwest Atlanta, Georgia, in an off-market transaction. The Atlanta Business Chronicle reports Partners paid $43.1 million for the asset.
Powers Ferry Business Park is comprised of five concrete masonry buildings that were constructed in 1982. The property is currently 91% occupied by 36 tenants whose businesses span a wide range of industries and services.
The property is located less than a mile and a half from The Battery—a $400 million mixed-use entertainment district situated next to Truist Park, home of the Atlanta Braves. The project has transformed 60 acres into a sports, lifestyle, and entertainment destination that attracts over nine million visitors annually.
Partners Capital plans to upgrade the properties.
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