Peachtree City, GeorgiaInvestment Offering
The transaction involved the acquisition of a multi-tenant office/warehouse property known as Dividend Drive. The 117,221 square foot single story steel and metal building is located on a 12 acre parcel. The building was constructed in 1989 and renovated in 1998 and consists of 14 units ranging in size from 2,000 to 20,000 square feet. The property is situated directly on Georgia Highway 74 approximately 10 miles east of Interstate 85, and 25 miles south of Atlanta.
- The Buyer required a well maintained property with stable NOI and a significant cash return.
- Seller accepted a lower sale price but needed a thirty (30) day cash close. Any survey or environmental that Buyer required had to be performed in that time frame.
- Buyer did not currently own any property in Georgia and was not familiar with Peachtree City.
- Seller was currently a tenant in the building and acted as leasing agent and property management; therefore, after the sale a new leasing and property management team would be needed.
- The property consisted of 12 tenants with a staggered rent roll. A few of the tenants had lease terminations in the next year.
- CRESCO was able to locate an ideal property for the Client in Peachtree City Georgia, utilizing the internet and focusing on properties with a cap rate of 10% or higher.
- Given the current financing market and banking requirements, Buyer had to purchase the property with his own cash and obtain financing after close.
- Several site visits and a study of the geographical area convinced the Buyer that the location was excellent and currently experiencing substantial growth.
- Surveying the neighboring properties and interviewing several real estate companies, the Buyer was able to hire an expert leasing and management team.
- The Buyer negotiated with the tenants who had leases coming due and offered attractive renewal options.
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