Newmark Secures $36.25 Million Sale of Four-Building Portfolio at Satellite Place in Duluth, Georgia

May 21, 2024 9:00 AM

Newmark announces it has facilitated the $36.25 million sale of an office/industrial portfolio within Satellite Place at Commerce Ave in Duluth, Georgia. The offering comprises three industrial buildings at 2405, 2425 and 2450 and one single-story office building at 2400. The assets traded from Satellite Place Property, LLC and Satellite Commercial Property, LLC, to an undisclosed, large industrial fund.

Newmark Senior Managing Director Casey Keitchen and Associate Director Collin BeVier facilitated the sale transaction on behalf of the sellers.

“In successfully bringing this transaction to a close, we are gratified to have secured a cash buyer who closed 47 days after being awarded the deal,” said Keitchen. “The seller will recycle the proceeds into their core business while new ownership plans to convert the asset to a higher industrial finish ratio over time. We congratulate everyone on this win.”

The portfolio, spanning 289,921 square feet, is a unique collection of four flex industrial /R&D/office buildings strategically located in the Atlanta, Georgia submarket of Duluth. The property’s prime infill location near Interstate 85, Sugarloaf Country Club, Gas South District, and the future Gwinnett Place mall redevelopment offers a mixed-use environment with highly functional spaces that attract quality tenants.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, startups to blue-chip companies. Combining the platform’s global reach with market intelligence in established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of March 31, 2024, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,600 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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