
Faris Lee Completes $14M Presale of Tesla-Leased Property
Faris Lee Investments has completed the $14 million presale of a 10-year triple net lease property occupied by Tesla Motors in the Atlanta suburb of Fayetteville, GA.
Director Hunter Steffien, Principal Jeff Conover, and Senior Managing Director Scott DeYoung represented the seller. After receiving multiple offers, the transaction closed an all cash 1031 exchange family office from Southern California at a 5.55-percent cap rate.
The fully renovated 66,324-square-foot property is in a densely populated area. It’s adjacent to major retailers and offers easy access to the Hartsfield-Jackson Atlanta International Airport and downtown Atlanta.
“Our team is proud to set the market for Tesla in such an impactful way, especially during a time with accelerated interest rate hikes from the Federal Reserve. This impressive CAP Rate of 5.55 percent will pay dividends for Tesla as the brand continues to aggressively expand across the county,” said Steffien.