350 Technology Parkway, Peachtree Corners, GA, 3092
Property Overview:
Located approximately 25 miles north of the Atlanta CBD, 350 Tech is a premium property that is being acquired for $3.9m, $750,000 below its independently appraised value of $4.65m.
It is a single building (constructed in 2003) and in to 3 office / warehouse tenant spaces totalling 54,048 square feet. It is positioned on 5.17 acres of land and is located next door to West Lake – another property owned by the Fund.
Financial Information:
Disclaimer: Information provided about forecast annual net cash flow and cash on cash returns are derived from unaudited financial projections. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Responsible Entity. The Responsible Entity cannot and does not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements.
| Acquisition date | 6 January 2017 |
| Contract purchase price | $3,900,000 |
| Original listed price | $4,500,000 |
| Discount to listing price | $600,000 (13.33%) |
| Independently appraised price | $1,985,000 |
| Estimated insurance replacement cost | $6,300,000 |
| Occupancy at purchase date | 86% |
| Appraisal date and appraiser | 14 November 2016, Capright |
| Finance terms | Cash purchase |
| Gross Building Area | 54,048 sq ft (5,021 sq mtrs) |
| Land size | 5.17 acres (20,922 sq mtrs) |
| At purchase estimated net operating income | $440,700 |
| At purchase estimated cap rate | 11.30% |
| At purchase estimated cash on cash return | 11.30% |
