July 29, 2013
Biscayne Atlantic is pleased to announce the purchase of Gwinnett Commerce Center, a 10-story, 214,000 square foot Class-A office building located at 3700 Crestwood Pkwy., in Duluth. The acquisition is a joint venture with Red Starr Investments.
Biscayne Atlantic plans to conduct extensive capital improvements in the property including modernizing the lobby, bathrooms, and common areas; overhauling the HVAC system; upgrading additional mechanical systems; creating signage opportunities; and, improving the curb appeal.
“We are incredibly excited to acquire Gwinnett Commerce Center at a time when the local market is showing positive absorption and overall improvement for businesses in the region,” said David Garfinkle, managing member and chief executive officer of Biscayne Atlantic. “We plan to dramatically improve this prominent property – the leading and largest in the Gwinnett business corridor – and look forward to re-launching it to the community with significant enhancements.”
Biscayne Atlantic is a real estate investment company that specializes in the acquisition and management of distressed and value-add commercial and multi-family residential properties on behalf of its own account and for several institutional clients.
“The acquisition of Gwinnett Commerce Center is indicative of the commitment and confidence we have in metro Atlanta and particularly Gwinnett County,” said Craig Sternberg, principal of Biscayne Atlantic. “Gwinnett Commerce Center is a unique property that will benefit from our capital improvement plan coupled with our entrepreneurial approach, creative lease structures and timely ability to pay commissions. We are also thrilled to bring in Cushman & Wakefield for property management and leasing to provide a world-class business environment for our tenants.”
Nelson Mullins Riley & Scarborough, LLP commercial real estate partner Andy Litvak represented Biscayne Atlantic in the closing. Cushman & Wakefield’s Atlanta Capital Markets Group, led by David Meline, Stewart Calhoun and Samir Idris, represented the Miami-based Parmenter Realty Partners in the sale of the property. Andy Sumlin and Aileen Almassy at the firm were also selected by Biscayne Atlantic to serve as the exclusive leasing agent and property manager of the building. The firm can be located online at www.cushmanwakefield.com.