The transaction carried a 7.5% market capitalization rate,according to the local office of Marcus & Millichap Real EstateInvestment Brokerage Co. The firm identified the seller only as ametro area developer. The brokerage adds the sale was part of a1031-exchange transaction by CNLRS.
The properties are on Buford Drive in northwest Atlanta,directly across from the 1.9-million-sf Mall of Georgia, consideredone of the fastest-growing areas in metro Atlanta. Marcus &Millichap brokers Ed Nutting and Stewart Jacobs negotiated for theseller.
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