RealOp Investments, a Greenville, South Carolina-based commercial real estate investment firm, closed out 2019 with the acquisition of Parkwood Plaza at 1300 Parkwood Circle SE for $19.65 million, with plans to overhaul the property this year.
Parkwood was RealOp’s third Atlanta acquisition in 2019 but the first in the Cumberland and Cobb Galleria corridor.
RealOp will invest more than $4 million in capital improvements and renovations including a new lounge/café, conference and training facilities, fitness center, modernized restrooms, cosmetic lobby updates, modernized elevators, and an outdoor patio.
The five-story, Class A office building built in 1989 totals 216,600 square feet and is walking distance from The Battery Atlanta.
“We are very excited to complete this transformative renovation over the next year and ultimately reintroduce a first-class property to our future tenants,” Chip Hunt, RealOp’s vice president of leasing, said in a press statement.
The building is an ideal fit for large corporate users with a strong parking ratio, highway access, building signage, and contemporary window lines with views of the Stadium, Hunt said.
RealOp has engaged Foundry Commercial as its in-market leasing partner.