News

Grove Street grab

Atlanta Business Chronicle
Published on: 9/08/06

Grove Street Partners LLC's Kevin Kern and Chip Groome have acquired 18 acres and two buildings known as Parsons Meadow Professional Park adjacent to the Johns Creek community in northeast Fulton County for $13 million.

The partners are planning a $30 million to $35 million project at the five-year-old development off Medlock Bridge Road and Parsons Road.

Currently, the site includes two 32,000-square-foot, two-story medical office buildings.

Zoned for 179,000 square feet of commercial developemnt, Grove Street's master plan include two new one-story buildings and three two-story buildings, as well as a bank brach facing Medlock Bridge Road.

Grove Street, which has $70 million in real estate assets under development, said it is in negotiations with a lead tenant to kick off the initial, 18,000-square-foot building, which should be under construction by year end.

David Haddad of Haddad Associates represented the seller, Atlanta-based London-Feldman Cos.

Sean Coughlin and Brian Heller of TPA Realty Services will market Parsons Meadows.