Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has announced the sale of the former Mount Vernon Mills manufacturing and distribution facility located at 2850 Gainesville Highway in Alto, Georgia. Two buildings totaling approximately 641,000 square feet, along with 106 acres, were included in the sale. Stan Johnson Company’s Robert Poirier represented Mount Vernon Mills in the short-term sale leaseback. The property was acquired for $7.5 million by Phoenix Investors LLC, a developer based in Milwaukee, Wisconsin.
“This was an excellent opportunity for Mount Vernon Mills to divest of a facility that was no longer needed for their current operations,” said Poirier, Associate Director in Stan Johnson Company’s Atlanta, Georgia office. “The sale leaseback was structured to give Mount Vernon Mills enough time to disassemble and remove the equipment and machinery located across the two buildings, while providing the new owner the ability to make necessary improvements as they look to lease the buildings.”
The well-maintained property includes security fencing around the perimeter with gated access and is located 70 miles northeast of downtown Atlanta, featuring convenient access to Interstates 85 and 985.
“We received numerous offers and continued to have interest in the buildings up until the closing date,” added Poirier.
