"This was a situation where we were interested in a stabilizedasset in order to fund other developments that we're involved in,"says Shoemaker. "Despite the slowdown in housing and commercialdevelopment, this property stands in a great area we know is goingto continue to grow."
Jim Hamilton and C. Whitney Knoll of Holliday Fenoglio Fowler LPrepresented the seller in the transaction. Calls to HFF were notreturned Thursday.
The property in Cumming, an Atlanta suburb in Forsyth County, isconsidered part of the North Fulton submarket, an area Shoemakersays is one of the fastest growing in the nation. The area has avacancy rate of 10.3% and enjoys the second-highest rental rates inthe Atlanta market at $18.43, according to a Marcus & Millichapsecond-quarter report.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
