Press Releases
Marcus & Millichap Facilitates Sale of Fully Leased Flex Complex in Kennesaw
November 04, 2024
KENNESAW, Ga., Nov. 4, 2024 – 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 of 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.
“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 of 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.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
