Atlanta & Southeast News In Your Inbox
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
JLL Completes $36M Sale of Nine-Building Industrial Flex Asset in Alpharetta
JLL has closed the $36-million sale of Mansell Commons, a nine-building industrial flex property totaling 221,251 square feet in the Atlanta-area community of Alpharetta. The 1984- and 1987-constructed property, which offers 91,000 square feet of office space and 43,000 square feet of retail showroom space, is 92% occupied.
A JLL team of Dennis Mitchell, Matt Wirth, Britton Burdette and Bo Osgood represented the seller, Mimms Enterprises. CIP Real Estate acquired the asset in an off-market transaction.
“This transaction is indicative of the demand for high-quality, flexible, multi-tenant infill product in the well-connected Alpharetta submarket,” said Mitchell. “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.”
According to JLL’s Atlanta Industrial Insight report, Alpharetta’s North Central Industrial submarket had a vacancy of 3.8 percent and 270,825 square feet of completed new product in 2021.
- ◦Sale/Acquisition
