A leading commercial real estate investment firm in Deerfield Beach, Florida, announced the sale of a 173,000-SF Flex office/warehouse portfolio located in Kennesaw and Norcross, Georgia. The portfolio is home to eight tenants representing diverse industries, some of which use their space for mission-critical operations. The rear-load light industrial buildings offer 22-foot clear heights, 27 dock-high doors, four drive-in doors, and approximately 3.5 years of the weighted average remaining lease term. The flex-office asset has two globally recognized tenants and are long-term headquarters for its operations. During the approximate three-year hold period of the properties, Geneva Group successfully negotiated long-term extensions as well as an expansion with a Fortune 500 company and several large regional tenants. These negotiations began in the midst of the pandemic and even during the lockdown. This is a testament to the location and knowing the markets at the inception of the purchase. The properties were acquired for $17,750,000 and sold approximately three years later for a combined sale price of $28,100,000. Geneva prides itself on building strong relationships with the businesses that are headquartered here.
“We manage our assets in-house and work with our tenants directly,” says Jarred Elmar, Managing Partner of The Geneva Group. “This is what separates us from many other operators and this fact is likely why both sides were able to come to an agreement and move as quickly as we did. We are pleased to announce this significant milestone for the company and to see the strong results we were able to achieve through this transaction. I am grateful to the entire team for their hard work in operating the assets with institutional best practices and executing a seamless, successful sale. Our investors know we will continue to find these hidden gems and force appreciation within the sunbelt.”
