Goddard fund enters Atlanta market
Goddard Investment Group, on behalf of its first commingled vehicle, Goddard Value-Add Office Fund I, has acquired Overlook III, a 440,000-square-foot office property in Atlanta, for approximately $61 million. The seller was Parmenter Realty Fund III, a $245.5 million value-added fund managed by Parmenter Realty Partners.
This is the fund's first office property in Atlanta. The property is 70 percent occupied. Goddard will renovate and reposition the LEED Silver 20-story tower.
In 2007 Parmenter acquired Overlook III for $81.6 million from Lincoln Property Co., which had purchased the office tower from National Office Partners in 2004 for $56.5 million.
Goddard Value-Add Office Fund I invests in office properties across the Sun Belt states, specifically in the Atlanta, Dallas, Denver, Houston and Miami markets. It closed with $190 million of equity commitments in January.
Goddard was founde