ATLANTA-Two newly constructed Sofa Express/Thomasville Furniture properties, totaling 28,452 sf and sitting on 2.5 acres, sold for $11.4 million or $401 per sf. Orlando-based CNLRS Acquisitions Inc. paid about $200 per sf for each of the single-tenant, net-leased buildings.

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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