Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a 25,416-square-foot office headquarters facility located at 200 Arizona Avenue in the historic Kirkwood neighborhood of Atlanta, Georgia. The facility is fully leased to a technology company, Big Nerd Ranch, and was purchased by a private California-based investor in a 1031 exchange for $6.7 million. The property was sold by a private investor from Dallas, Texas who was represented by Mollie Alteri, Joey Odom, Mike Sladich, and Maggie Holmes of Stan Johnson Company.
“The offering presented the buyer with an opportunity to acquire an asset with a best-in-class tenant in a heavily infilled and rapidly evolving in-town Atlanta neighborhood,” said Alteri, Associate Director in Stan Johnson Company’s Atlanta, Georgia office. “Current market headwinds have ushered in a flight to quality by the investment market, and while we expect the market slowdown to continue for the short-term, we are bullish on in-town neighborhoods in markets like Atlanta to capture remaining investment activity.”
The facility was originally constructed in 1955 and renovated in 2014. The property lies on 2.0 acres within an opportunity zone, and the tenant recently executed a lease extension.