Goddard buys Atlanta office for its first fund

The Atlanta-based commercial real estate investment firm has purchased Overlook III on behalf of its first commingled vehicle, Goddard Value-Add Office Fund I.

Atlanta-based commercial real estate investment firm Goddard Investment Group has acquired Overlook III, a 440,000-square-foot office property in Atlanta, for approximately $61 million. The firm purchased the Class A asset from Parmenter Realty Partners on behalf of its first commingled vehicle, Goddard Value-Add Office Fund I. 
The 21-story building is located in northwest Atlanta’s historic Vinings neighborhood on top of Mount Wilkinson. Goddard will reposition and renovate the LEED Silver-certified property, which was built in 1987 and currently is 70 percent occupied.  “Like many people in Atlanta, I have always believed this is one of the highest-quality buildings in the city,” said Robert Goddard III, chairman and chief executive, in a statement. 
Overlook III last changed hands in 2007, when Parmenter purchased it from Lincoln Property for $81.6 million. Parmenter had acquired the asset on behalf of Parmenter Realty Fund III, which closed on $245.5 million in commitments in October 2006.
Goddard’s first commingled fund, Fund I closed on $190 million in equity in January. It invests in value-added office properties in the Atlanta, Dallas, Houston, Denver and Miami markets. Goddard, which has made six investments so far through Fund I, typically conducts deals in the $10 million to $50 million range. 
Goddard Investment Group has been investing strictly in office properties since 2000 under the direction of Goddard, who created the business as a successor to the investing side of commercial real estate firm NAI Brannen Goddard. Prior to Fund I, the firm worked with an unnamed capital partner, investing in office properties in the same US markets.