### RG Real Estate Acquires TownPark Commons at Significant Discount
RG Real Estate has purchased TownPark Commons for $42 million, a substantial markdown from its appraised value just four years ago. In April 2021, the office park was valued at $79.1 million. The acquisition price reflects a nearly 47% drop, amounting to approximately $120 per square foot. The Kennesaw office park spans 20 acres along George Busbee Parkway, just a short distance from Kennesaw State University.
The sale was facilitated by special servicer KeyBank National Association on behalf of a trust.
According to the *Atlanta Business Journal*, TownPark Commons was previously part of Adventus Realty Services’ portfolio, which was connected to a $350 million commercial mortgage. The loan had been securitized, and after foreclosure proceedings in December, the trust representing the loan’s investors took control of the metro Atlanta properties.
TownPark Commons consists of four office buildings, covering a total of 350,000 square feet. The property maintains a high occupancy rate, with 96% of its space currently leased.
