The private equity real estate arm of BNY Mellon Asset Management, Urdang Capital Management, has sold the American Business Center and WhiteWater Business Center complexes in Marietta, Georgia.
The properties, totaling 619,628 square feet, were sold to CCI-B Marietta, a partnership formed by Capital Commercial Investments, for $48 million. Austin, Texas-based Capital Commercial Investments targets undervalued commercial property investments in the US. The firm closed its $11 million CCI Private Equity Fund I in 2005.
The properties’ fourteen one- and two-story buildings included medical, retail and warehouse facilities, with tenants such as The Healthfield Group, General Electric and Bekaert Corporation. The business centres were acquired by Urdang in 1999 and have since been upgraded.
In April, Urdang closed its second value-add real estate fund, Urdang Value-Added Fund II, on $463 million. The vehicle targets investments in the office, retail, industrial and multi-family sectors throughout the US.
Based in Plymouth Meeting, Pennsylvania, Urdang currently manages more than $2.2 billion in public real estate securities through Urdang Securities Management, and $1.2 billion in private real estate investments through Urdang Capital Management. It is a unit of global asset manager, BNY Mellon Asset Management, with approximately $1.1 trillion in assets under management.