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"Our ability to stabilize the property by negotiating 10-year lease renewals with the buildings two anchor tenants was a big part of the appeal of this investment." Sean Patrick, SVP, Ackerman & Co.
ATLANTA, GA, January 23, 2020 /24-7PressRelease/ -- Ackerman & Co. announced today that it has completed the sale of Abutment Business Center, a 28,503-square foot retail/office building, for $3,350,000. Located in Dalton Ga., 75 miles north of Atlanta, the Class A multi-tenant building is 100% leased.
Sean Patrick, senior vice president of investment sales for Ackerman, represented seller White Capital Group in the transaction, which closed January 2. The buyer was a locally based private investor.
"Our ability to stabilize the property by negotiating 10-year lease renewals with the building's two S & P credit-rated anchor tenants, Regions Bank and Georgia Department of Labor, was a big part of the appeal of this investment," said Sean Patrick.
The center is located at 500 East Walnut Avenue in the heart of Dalton's primary retail corridor and near the city's downtown business district. Recognized as a hub of the flooring and carpet manufacturing industry, the city is home to the headquarters of Shaw Industries Group Inc., which is located adjacent to the center.
Abutment Business Center's occupancy includes Regions Bank's 13,090 square feet (branch retail and administrative space) and the Georgia Department of Labor's 10,086 square feet. Built in 1984, the building underwent significant renovations in 2005 and 2010.
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 37 million square feet of office, medical, industrial, retail and mixed-use space, has 4 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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