The Atlanta Braves might not have landed a top shelf starting pitcher in the offseason, but the ballclub’s real estate development arm has made another big purchase in Cobb County.
The Braves announced Wednesday that it has acquired Pennant Park, a 34-acre suburban office complex near Truist Park. In Pennant Park, the Braves acquired six office buildings that are largely occupied, providing cash flow, and it also gives the ballclub full control of about 2,700 parking spaces that some fans have used during baseball season.
The property is within walking distance of Truist Park and The Battery live-work-play development. Combined the Braves said the team now controls 3 million square feet across various uses.
“This represents a strategic step in the growth of our real estate portfolio and creates a significant opportunity for Atlanta Braves Holdings to enhance the tenant experience while investing in the future of our growing community at The Battery Atlanta,” Mike Plant, president and CEO of Braves Development Co., said in a news release.
Pennant Park, built decades ago, is home to 24 tenants, including Home Depot, which leases two out of the six buildings. The complex is 80% leased, a positive occupancy in today’s office market, particularly for older buildings. It sits at the intersection of I-75 and I-285.
Real estate investors have started to see infill development opportunities within older suburban office parks. The Pennant Park site could be enticing for future redevelopment.
The company did not detail renovation or other plans for the buildings. The complex was most recently renovated in 2017 by its prior landlord Rubenstein Partners.
The news comes less than a week after the Braves opened its season. The team has suffered six consecutive losses. The team’s home opener is this Friday.
About the Author
Keep Reading
The Latest
Featured
