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, an all cash 1031 exchange family office from Southern California closed on the transaction at a 5.55-percent cap rate.
The fully renovated 66,324-square-foot property is situated in a densely populated area adjacent to major retailers with easy access to Hartsfield–Jackson Atlanta International Airport and downtown Atlanta.
Steffien commented that “our team is proud to set market for Tesla in such an impactful way – especially during this time with accelerated interest rate hikes from Federal Reserve – as this impressive CAP Rate of 5.55 percent will pay dividends for Tesla while they continue expanding across country”
