Suburban Atlanta flex property sells for $36M

ATLANTA, Feb. 2, 2022 – JLL Capital Markets announced today that it has closed the $36 million sale of Mansell Commons, a nine-building industrial flex property with office space and retail frontage totaling 221,251 square feet in the Atlanta-area community of Alpharetta, Georgia.

JLL marketed the property on behalf of the seller, Mimms Enterprises. CIP Real Estate acquired the asset in an off-market transaction.

Constructed between 1984 and 1987, the 91.7-percent-occupied Mansell Commons offers its 30 diverse tenants sought-after flex features, including 77 dock-high doors with 21 ramps, eight grade-level doors, 91,000 square feet of office space and 43,000 square feet of high-traffic retail showroom space.

Mansell Commons is at 993-1011 Mansell Road 1.3 miles from GA-400, which provides connectivity to Interstate 285 and, thus, the entire Atlanta metro area. From this location, tenants can serve the growing population of Alpharetta, one of the highly most sought-after and affluent suburban Atlanta communities. The property is in the North Central Industrial submarket, which, according to JLL Research’s Atlanta Industrial Insight report, reported a low vacancy of 3.8 percent and only 270,825 square feet completion of new product in 2021.

The JLL Capital Markets Investment Sales and Advisory team that represented the seller was led by Dennis Mitchell, Matt Wirth, Britton Burdette and Bo Osgood.

“This transaction is indicative of the demand for high-quality, flexible, multi-tenant infill product in the well-connected Alpharetta submarket,” Mitchell said. “Diminishing land with high-traffic frontage and increasing costs of replication have limited development in the area, resulting in a short supply of comparable product, increasing rents and, therefore, property values.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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