Some 1031 money has purchased an old North Atlanta office park.
The unidentified 1031 Exchange buyer purchased Veridian Business Park, an eight-building, 59k SF low-rise office park at 6825 Jimmy Carter Blvd, for $2.77M. Marcus & Millichap's Korey Prefontaine, Paul Johnson, Gary Lee, Bob Johnson and William Bumgarer brokered the sale. The 59k SF is just 60% leased.
“This property was an attractive value-add opportunity,” Korey says. “The buyer is a local owner-operator who purchased the property in a 1031 Exchange. He intends to devote considerable time to hands-on management and property improvements to encourage further lease-up.”
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