ROSWELL, GA-With heightened demand nationally for quality, existing single-tenant properties, Atlanta-based Mimms Enterprises had no trouble disposing of Ryland Homes’ regional headquarters building here. A private local investor outbid several buyers and paid Mimms $3 million, or about $119.02 per sf, for the 23-year-old, 25,204-sf property.

Area brokers tell the contract price was below replacement cost of class A office buildings which currently carry an average hard construction cost of about $150 per sf. The two-story property at 760 Old Roswell Rd. in this suburban town was initially home to the Roswell Health and Racket Club. Mimms bought the building in 1998 for an undisclosed price which area brokers estimated was about $80 per sf or roughly $2 million.

Cameron Kennedy and James Cate of Newmark Capital Group in Atlanta negotiated for Mimms. Locally based Scout Properties Inc. represented the buyer. “The offering was much sought after because of the growing demand for single-tenant properties,” says Kennedy. “There was national interest in 760 Old Roswell Rd. as well, but in the end a local entrepreneur was able to take advantage of the opportunity.”

Kennedy say that “with an eye toward enhancing the value of 760 Old Roswell Rd., Mimms successfully renewed Ryland’s lease commitment earlier this year.” Additionally, Mimms purchased an adjacent property to accommodate Ryland’s need for a design center, “significantly increasing the value of the offering among investors in the market,” the broker says.

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