The 11-acre Kings Landing at 1455 Old Alabama Road was completed in 1990. The building has 10 tenants with leases ranging from 27,796 sf to 1,775 sf.
The average quoted rental rate ranges between $18 per sf and $20 per sf, according to GlobeSt.com research. The building is 92% occupied.
This purchase represents a third FlexxOffice acquisition and brings the company's Southeast portfolio to nearly 225,000 sf.
In a printed statement, Matthew L. Adler, senior vice president of FlexxOffice, says he "will continue looking to develop and acquire additional properties in choice markets throughout the Southeast."
Tenants in Kings Landing become members in Adler Group's FlexxSpace, which encompasses more than 1,600 small to mid-size companies and provides group purchasing and multi-purpose videoconferencing capabilities. The FlexxSpace portfolio comprises eight million sf of showroom, warehouse and office flex space in the Southeast.
James Cate and Cameron Kennedy of Atlanta-based Newmark Capital Group negotiated for Mimms.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
