Investor’s $4M Buy of Kennesaw Building Pokes Holes in “Demise of Office” Belief
Stan Johnson Company has completed the sale of Barrett Court, an office building on Vaughn Road in Kennesaw, GA. The 32,378-square-foot property sold for approximately $4.2 million.
Stan Johnson Company’s Craig Tomlinson represented the buyer, an individual investor based in LA. The property was sold by a group of Atlanta-based investors.
“The report of office’s demise is greatly exaggerated,” said Tomlinson. “There is strong demand for suburban and garden office, typically occupied by the decision makers. Not everyone can or wants to work from home. Buildings with strong fundamentals and reasonable basis are one of the few places an investor can find yield today.”
The two-story Class B property was built in 1998 and is situated on 4.6 acres. The site is near interstates 75 and 575 in northwest suburban Atlanta. At sale it was 85% occupied by tenants including The Adaptive Learning Center, Byram Healthcare, Edward Jones and Farmers Insurance.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.