R
G Real Estate acquired the TownPark Commons office complex in Kennesaw for $42 million after a foreclosure, significantly below its 2021 appraisal value of $79 million. The sale price translates to $120 per square foot, a 47% discount from the original valuation.

    The four-building complex spans 350,000 square feet across over 20 acres and was previously part of Adventus Realty Services' portfolio, which filed for bankruptcy in July 2023. The property is now owned by a trust representing loan investors who foreclosed on Adventus' metro Atlanta holdings in December.

    TownPark Commons is 96% occupied, according to JLL, and includes four buildings along Barrett Lakes Boulevard and Townpark Drive Northwest. RG Real Estate founder Ryan Goldstein said no major changes are planned for the property, but small capital improvements may be made strategically.

    This acquisition follows RG Real Estate's purchase of the discounted Overlook I office building in Vinings last November, aligning with a broader trend of recalibration in Atlanta's office sector. Office sales in the metro area totaled $1.35 billion last year, up from $589 million in 2023, according to CommercialEdge.