(reposted from Citybizlist.com)
Parkside Partners, LLC (member of the Chamblee Business Association) a Chamblee based development and brokerage firm, sold a building it owned in Chamblee, Georgia to AGL Resources that will serve as the new location of the gas company's Peachtree Service Center. Parkside has been hired to AGL to handle the redevelopment of the building.
The sale to AGL closed on Dec. 29 for a purchase price of $2.98 million. Parkside Partners' principal, Kyle Jenks, represented RP Partners and Jim Sanders of ICON Commercial represented AGL.
The renovation of the 20,500 square foot building, located (just two blocks from the intersection of Broad and Peachtree, and) one-half mile from the former Doraville GM Plant, will include a complete interior upgrade, exterior improvements, and new landscape and sidewalks with streetlights and street-trees (according to the City of Chamblee's streetscape plan).
The renovations are scheduled to start in March, and the Peachtree Service Center employees will occupy the building by the end of June. The center will bring more than 50 jobs to the area, and has a total capital budget of $4 million.
RP Partners, a partnership between Parkside Partners and RACO General Contractors, acquired the building in March 2008. When Ingersoll Rand, which had leased and occupied the building the past 10 years decided to relocate when its lease expired, Parkside approached AGL about acquiring and completing an adaptive re-use of the building and 2.8 acre site.
The AGL Building redevelopment is the latest of several development projects Parkside Partners worked on in Chamblee. Parkside's other Chamblee developments include 3401 Malone, a warehouse Parkside converted into a loft office space for WGSI, a division of URS Corporation, and 5256 Peachtree, another converted loft office building where Parkside relocated its offices and has attracted ten additional tenants.
