A group led by Nicholas J. Rhodes of SRS Investments acquired Promenade Park from Margolias Ventures, LLC on June 4, 2013. Situated at 3915 Cascade Road, Promenade Park is South Fulton’s Premier Medical and Professional Office Complex. Promenade Park is a four story building measuring over 45,000 square feet. The property sits atop a hill on 7.7 manicured acres. At the time of sale, the property was 92% leased to over 30 tenants. When asked for comment about the acquisition, Nick Rhodes of SRS stated “We are extremely pleased to add Promenade Park, Southwest Atlanta’s premier Office building, to our portfolio. We are active members of the community and strongly believe in the growth and on-going success of South Atlanta.”
SRS plans a variety of improvements to the property including:
– lobby and bathroom renovations
– replacement of HVAC system
– parking lot resurfacing and improved outdoor lighting
– a walk out service from 4 PM – 8 PM
– improvement of cell service to Terrace level
SRS specializes in owning and operating medical office buildings throughout the eastern United States. David Aynes of Atlanta Leasing & Investment represented the Seller in the transaction while Spencer Coan (currently) of SK Commercial Realty represented the Purchaser.