Faris Lee Investments has completed the $14 million presale of a 10-year triple net lease property occupied by Tesla Motors in the Atlanta suburb of Fayetteville, GA. Director Hunter Steffien, Principal Jeff Conover and Senior Managing Director Scott DeYoung represented the seller. After receiving multiple offers, they closed an all cash 1031 exchange with a Southern California family office at a 5.55-percent cap rate.
The fully renovated 66,324-square-foot property is located in an area with high population density and close to major retailers for easy access to Hartsfield–Jackson Atlanta International Airport and downtown Atlanta.
Steffien commented on this impressive transaction: “Our team is proud to set the market for Tesla in such an impactful way – especially during this time when interest rates are rising from Federal Reserve hikes – as it will pay dividends for Tesla’s aggressive expansion across America.”
