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Located just south of Interstate 595 and minutes from Interstate 95 and Florida's turnpike, the site attracted five bids, ranging from $12 million up to the final sale price of $13.9 million.
“The deal represented a value-add opportunity for the purchaser to obtain higher rents by upgrading kitchens and baths," says Kislak's Robert Holland. It's the fifth time Kislak has brokered a sale of the properties.
The four-story office building and adjacent surface parking area was completed in 2013 and is fully leased to global pharmaceutical company GlaxoSmithKline through 2028.
"Balfour Beatty Communities was the natural choice to manage Mainstreet at Conyers given their extensive footprint in Georgia,” says Tim Burns, principal for Apex One Investment Partners.