Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Noonday Business Center, a 66,000-square-foot flex center in Kennesaw, Georgia. The asset was sold for $8,150,000.
“In the brokerage community, the term ‘rare opportunity’ is frequently used, but this property truly represented a one-of-a-kind chance,” said Mason Bierster, associate. “Situated in one of Atlanta’s most desirable submarkets, it offered immediate value-add potential with its short-term, month-to-month, and below-market leases.”
Ani Paulson, first vice president investments, added, “Flex and industrial buildings continue to be among the most sought-after product types. By leveraging our extensive buyer network, we generated multiple competing offers, ultimately going under contract for $230,000 over the asking price at a 5.12% cap rate.”
Paulson and Bierster exclusively marketed the property on behalf of the seller and procured the buyer.
Noonday Business Park, located at 771 Shallowford Rd., is a fully occupied, three-building flex complex spanning 4.84 acres. Built in 2001, the property features a diverse tenant mix and is near Highway 92 and Interstate-575.