Mimms Sells Alpharetta Flex Property To CIP-Led Venture For $36M
Mimms Enterprises has unloaded a suburban Metro Atlanta flex property to a California investor for nearly $15M more than it paid for it five years prior.
Mimms sold Mansell Commons, a nine-building, 221K SF industrial flex property that includes industrial, office and retail space to a joint venture of CIP Real Estate and Almanac Realty Investors for $36M in an off-market transaction. The sale comes nearly five years after Mimms purchased Mansell Commons, near the intersection of Mansell Road and Alpharetta Highway, for $21.2M from Atlanta Property Group in 2017.
JLL Senior Managing Director Dennis Mitchell, alongside managing directors Matt Wirth and Britton Burdette and capital market analyst Bo Osgood brokered the sale for Mimms.
CIP Real Estate already owns a handful of flex industrial properties in Metro Atlanta, including Gwinnett Commons and Brook Hollow Center in Norcross and Pleasantdale Industrial Park in Doraville. It plans to spend more than $750K in capital improvements to spruce up the exterior and interiors of the property, according to a press release.
“It is very rare to have the opportunity to acquire a larger project of this type in Alpharetta,” CIP Chairman Robert Strom said in the release, adding that the renovations are expected to be supported by rental rate increases over the next five years.
The 1980s-era property is more than 90% occupied by tenants like Blue Vision Home, Play It Again Sports, Window Genie, Dent Wizard and Racing Solutions, according to a press release and marketing information.
“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,” Mitchell said in a release.
