ATLANTA –– April 28, 2022 – Westmount Realty Capital announced the purchase of an office flex building in Marietta, which is just outside Atlanta’s major metro area. Marietta Technology Center is an 85,685-square-foot single-story office /flex property located at 2121 Newmarket Parkway SE. This purchase marks Westmount’s fifth acquisition over the past six months in the Atlanta market and follows the firm’s February acquisition of Atlanta Plaza 85, another industrial infill portfolio comprised of nine flex/light industrial buildings spanning 191,526 square feet in Atlanta’s Norcross submarket.
Marietta Technology Center is part of a sprawling 37-acre landscaped office park located within 30 minutes of downtown Atlanta with direct access to I-285, I-75 and US-41. The property sits less than 3 miles away from popular sporting and shopping areas like Truist Park, The Battery and Galleria Mall and also sits within the Marietta Opportunity Zone. Atlanta’s strong demographic growth and economic development have made the city a strong area for real estate investment.
“Atlanta’s airport, low tax environment and universities are the biggest drivers for company relocations and growth in the region which has propelled investor interest in the city’s booming industrial market,” said Cliff Booth, Westmount’s founder and chairman. “With more than 35 years’ experience in the value-add sector, this has taught us that urban infill properties are a long-term investment that never goes out of style with more tenants that have a need and want to be close to business centers but can’t achieve this with new ground-up construction.”
Marietta Technology Center was constructed in 1983. The property is currently 87% occupied by 14 tenants and suites on the property range from 1,000 to 14,000 square feet. The area has attracted large, international corporations like Ikea and Drive Shack, which will bring an estimated 750 jobs to Marietta.
“The Marietta market is filled with vast opportunities backed by a highly educated and diverse workforce with the city’s population growth projected to be fourth in the country over the next four years,” said Nick Sands, Westmount’s senior director of industrial acquisitions. “With the city’s proximity to Atlanta proper and first-class retail, dining and more entertainment centers, this property stands to be a good investment that will provide value to our partners in years to come, and Westmount plans to continue competing in a very competitive market to expand our base here in Atlanta.”
In addition to the two portfolios, Marietta Technology Center portfolio and Plaza 85, Westmount also acquired Westmount Ashwood (formerly Walton Ashwood) in late 2021, a Class A, 160-unit apartment community in Dunwoody, a northern suburb of Atlanta. The firm also made another infill industrial portfolio acquisition in November 2021 in the Norcross submarket comprised of 12 buildings, spanning 264,029 square feet and a nine-building medical office and flex park off Phoenix Parkway next to Hartsfield-Jackson Atlanta International Airport.
About Westmount Realty Capital
Westmount Realty Capital, LLC is a time-tested, privately held, Dallas-based commercial real estate company that has achieved exceptional performance, with a core team in place, for more than 35 years. Westmount is seen as an innovator and leading-edge company in the industry and is a relationship-driven trusted operating partner of numerous U.S. and foreign institutional and private capital sources. The company is active within the U.S., specializing in value add and opportunistic investments, and has navigated successfully through multiple market cycles. For additional information, contact www.westmountrc.com.
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