CIP Real Estate has acquired Kennesaw Mountain Business Park, an industrial property in the north Atlanta metro area, for $22.6 million. The 10-acre parcel features two buildings totaling 144,130 square feet.
The business park comprises 18 shallow bay industrial units ranging in size from 3,920 to 18,000 square feet, and the majority of the suites are between 6,000 and 12,000 square feet. The project is currently over 96% occupied.
The company plans to upgrade the facility, including improvements to the parking lot and landscaping, along with painting and HVAC upgrades.
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CIP's purchase of Kennesaw Mountain Business Park was funded with $14.69 million in takeback financing from the seller.
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