The 11-acre Kings Landing at 1455 Old Alabama Road was completed in 1990. The building has 10 tenants with leases ranging from 27,796 sf to 1,775 sf.
The average quoted rental rate ranges between $18 per sf and $20 per sf, according to GlobeSt.com research. The building is 92% occupied.
This purchase represents a third FlexxOffice acquisition and brings the company's Southeast portfolio to nearly 225,000 sf.
In a printed statement, Matthew L. Adler, senior vice president of FlexxOffice, says he "will continue looking to develop and acquire additional properties in choice markets throughout the Southeast."
Tenants in Kings Landing become members in Adler Group's FlexxSpace, which encompasses more than 1,600 small to mid-size companies and provides group purchasing and multi-purpose videoconferencing capabilities. The FlexxSpace portfolio comprises eight million sf of showroom, warehouse and office flex space in the Southeast.
James Cate and Cameron Kennedy of Atlanta-based Newmark Capital Group negotiated for Mimms.
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