The transaction carried a 7.5% market capitalization rate, according to the local office of Marcus & Millichap Real Estate Investment Brokerage Co. The firm identified the seller only as a metro area developer. The brokerage adds the sale was part of a 1031-exchange transaction by CNLRS.
The properties are on Buford Drive in northwest Atlanta, directly across from the 1.9-million-sf Mall of Georgia, considered one of the fastest-growing areas in metro Atlanta. Marcus & Millichap brokers Ed Nutting and Stewart Jacobs negotiated for the seller.
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