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ATLANTA-”It seemed too good to be true,” Al Moheb, president of locally based-Kara Construction & Development, tells GlobeSt.com of the $475,000 price his company paid for 6.3 acres at the corner of Cascade Road and Fulton Industrial Boulevard.

The price equates to $75,397 per acre or $1.73 per sf, a bargain, brokers tell GlobeSt.com, because the dirt is in a potentially new commercial hot spot. But Moheb says the parcel near the Westpark business park development “needs a lot of work.”

Atlanta based-M.D. Hodges Enterprises owns Westpark and sold Kara the adjacent land.

“The area around Cascade Road is booming,” Moheb tells GlobeSt.com. A longtime developer of homes that sell for $400,000 and up, Kara has several residential developments on or near Cascade Road.

Development costs for the first phase of construction, which will include a 30,000-sf strip mall and 8,000 sf of restaurant space, is between $3.5 million and $4 million ($105.26 per sf), Moheb says.

“We expect to complete those buildings on two acres in less than a year.” No tenants have been signed. Moheb also plans an office building of undetermined size on the remaining acreage.

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