9:28 AM
Newmark announced today the sale of 5925 Cabot Parkway, an 88,000-square-foot office building and data center in Forsyth County, Georgia near Atlanta. A local real estate development and investment firm, The Woodbery Group, purchased the building from JM Family Enterprises for $10.75 million. The building was fully leased by JM Family Enterprises at the time of transaction.
Built in 1999 and fully renovated in 2007, 5925 Cabot Parkway features 48 private offices, approximately 130 workstations, 11 conference rooms, two lounge areas and a full-service catering kitchen. The class B building also offers several fully furnished plug and play opportunities and includes a 21,000-square-foot data center with 3 Megawatts of power with built-in redundancy. Datascan, a subsidiary of JM Family Enterprises, relocated to new and owned office space in June 2018 at Alpharetta City Center. The data center function remains at 5925 Cabot Parkway.
Newmark Executive Managing Director Jason Schrago and Senior Managing Director Frank Clementi represented the seller. SK Commercial Realty’s Tom Kirbo represented the buyer.
“We were pleased to conduct this value-add transaction on behalf of JM Family Enterprises that provides them flexibility with their ongoing corporate data center function at 5925 Cabot Parkway,” said Schrago. “The building offers significant potential for income growth, with the proximity to a highly skilled labor force signaling a bright future for the new owners.” Clementi added, “As a data center, this property offers 2N+1 redundancy and abundant power. The Atlanta data center market is gaining world-wide attention for its low cost of power and many fiber carriers. Additionally, fueling this growth is the recent passing of House Bill 696, offering buyers of data centers tax exemption on equipment purchases and power usage.”
5925 Cabot Parkway is within close proximity to the new Halcyon mixed-use development on McFarland Parkway that features leading restaurants and retailers such as Hog Island, MidiCi Neapolitan Pizza, Cocina & Taqueria, Butcher & Brew, Never Enough Thyme, and Cherry Street Brewpub.
According to Newmark Research, metro Atlanta’s office market continues to display strong fundamentals despite a recent slowdown in job growth. Overall asking rents in Forsyth County have steadily climbed to nearly $25 per square foot, with leasing momentum expected to remain strong through 2019.
About Newmark
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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