Parmenter Realty Partners and Wellings Capital have acquired a six-story office building at 160 Clairemont Ave., located a few blocks north of Decatur Square. The property is an institutional-scale office asset with a history of ownership by Parmenter, which previously held the asset from 2011 to 2015.
According to reporting from the Atlanta Business Chronicle, the joint venture buyers paid $18.6 million to seller TerraCap Management. The transaction reflects continued investor interest in well-leased office product in this part of the market, even as the broader office sector navigates shifting demand.
Acquisition financing for the purchase was provided by Delta Community Credit Union. In addition to serving as the lender, Delta Community Credit Union is also the building’s anchor tenant, underscoring its embedded role in the asset’s tenancy and capital structure.
The office building totals roughly 125,000 square feet and is currently 78% occupied. Ownership reports that the property offers approximately 26,000 square feet of available space, including a 13,933-square-foot contiguous block that may appeal to tenants seeking a larger, single-floor or multi-suite opportunity.
Parmenter intends to enhance the building’s amenities following the acquisition. The firm previously executed extensive renovations at the property during its prior ownership more than a decade ago, and the new business plan calls for another round of amenity upgrades to further position the building within its competitive set.
Leasing and marketing responsibilities for 160 Clairemont will be handled by an Avison Young team led by Chris Godfrey and Monica Speak, who will represent ownership in attracting and retaining tenants. On the capital markets side, OnPace Partners acted as the investment sales broker on the disposition for TerraCap Management, advising on the sale to the Parmenter and Wellings Capital venture.
