Bustling suburb of Atlanta is one of region’s fastest-growing locations
ESJ Capital Partners, LLC (ESJ), a full-service asset management firm based in Miami, today announced the acquisition of Barrett Business Center, located at 2015 Vaughn Road NW in Kennesaw, Georgia. The 187,373-square-foot center, which is currently 92 percent occupied, was acquired for $24.250 million.
Originally developed between 1999 and 2008, the office park, which boasts tenants such as Airgas and CarMax, is within proximity of major thoroughfares such as Barrett Parkway, I-75 and I-575.
Pope & Land Real Estate, who originally developed the center, was the seller, and has been retained by ESJ to continue property management and leasing. The seller was represented by Justin Parsonnet and Ryan Reethof with CBRE.
ESJ plans to invest over $1 million in capital improvements, chiefly focused on common areas and business systems.
“Kennesaw is one of Atlanta’s most thriving suburbs, and consequently an ideal location for us to continue to diversify both in assets and geography,” says Arnaud Sitbon, President & CEO of ESJ Capital Partners. “We look forward to exploring similar opportunities in the near future.”
“Barrett Business Center ideally fits our stated goals for the growth and diversification of our portfolio,” adds David Garfinkle, a partner at ESJ and head of the Real Estate Division. “We have a great deal of interest in similar well-positioned, well-managed properties with excellent long-term potential.”
“These transactions are team efforts,” concludes Elie Mimoun, partner at ESJ. “It was a pleasure to work with Pope & Land, CBRE and MetLife.”
For more information about ESJ Capital Partners, visit http://www.esj.us.
About ESJ Capital Partners, LLC
ESJ Capital Partners, LLC is a full-service investment management firm with a diversified national portfolio of more than 4,000,000 square feet comprised of education facilities, office, apartments, and hospitality/entertainment destinations. ESJ is an SEC registered investor advisor focused on opportunistic real estate and private equity investments, as well as providing securities brokerage services. For additional information, visit www.esj.us.
