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"The property was purchased at below replacement costs and we believe this opportunity gives us an irreplaceable location and the ability to offer rents at attractive rates." Kris Miller/Ackerman & Co
ATLANTA, GA, May 02, 2019 /24-7PressRelease/ -- Continuing its focus on acquiring strategically located industrial/flex properties, Ackerman & Co. has purchased a three-building, 123,900-square-foot portfolio in Norcross, Ga., comprising a mix of industrial, flex and retail space. Ackerman purchased the buildings, located at 6889-6901 Peachtree Industrial Boulevard, from Mimms Enterprises for $5,500,000 ($44.39/SF) and will rename the property Peachtree Corners Exchange.
The acquired properties include 6889 Peachtree Industrial Blvd. (24,800-square-feet retail/ showroom/flex), 6899 Peachtree Industrial Blvd. (70,000-square-feet industrial/flex) and 6901 Peachtree Industrial Blvd. (29,100 square feet industrial/flex).
Ackerman & Co.'s Leo Wiener and Evan Ziegler led the acquisition effort on behalf of Ackerman & Co. David Beak of NAI Brannen Goddard represented seller Mimms Enterprises. Ackerman's Frank Farrell and Chris Miller will lead leasing efforts at the properties.
"This purchase is part of our ongoing investment strategy to acquire close-in industrial product strategically located near the I-285 perimeter," said Kris Miller, President of Ackerman & Co. "The property was purchased at well below replacement costs, and we believe this opportunity gives us an irreplaceable location and the ability to offer rents at very attractive rates, consistent with our close-in industrial investment strategy."
The showroom and retail space at 6889 Peachtree Industrial Boulevard benefit from excellent visibility from busy Peachtree Industrial Boulevard. 6899 and 6901 Peachtree Industrial Boulevard feature 20-foot ceiling heights, 8' by 10' dock-high doors and 10' by 10' drive-in doors.
Ackerman plans to invest in major capital improvements which will include a variety of physical upgrades to meet current demands of tenants in the market.
About Ackerman & Co.
Headquartered in Atlanta, Ackerman & Co. is a privately held, full-service commercial real estate firm focused on providing quality investment, brokerage, management and development services in the Southeast. The company, founded in 1967, retains an expert team of more than 100 real estate professionals. To date, Ackerman & Co. has developed and acquired more than 37 million square feet of office, medical, industrial, retail and mixed-use space, has nearly 8 million square feet under management and maintains an investment portfolio valued at $1 billion. For more information, visit www.ackermanco.com
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