Lincoln Property Company Southeast Closes Sale of Marietta Office/Warehouse Building After 10 Days on the Market
Lincoln Property Company Southeast has arranged the sale of 841 Livingston Court, a 35,908-square-foot office and warehouse building in Marietta, Ga. After being listed on the market for a 10-day-period, the sale closed on June 1, with a sale price of $5.95 million. Lincoln’s Jeff Henson and Chip Sipple represented the seller, MVTC, LLC, and the buyer was Alliance Consolidated Group.
The single-tenant investment sale comes on the heels of several recent improvements at the property. The tenant, SageNet, has signed on for a 15-year lease term, with a passive lease structure and below-market rent rate. The sale closed at a 7.50% cap rate and $165 price per square foot.
“The rapid sale of 841 Livingston Court is a testament to the strong and steady investment activity in Marietta and throughout the Atlanta metro,” said Lincoln’s Henson. “This is a positive sign for the market, and with a sticky, 15-year lease, this is a tremendous value-add opportunity for the buyer.”
SageNet is a leader in managed network and cybersecurity services. The company connects, manages and protects technologies and devices across the enterprise. SageNet boasts a three-decade track record in managed services and a long-term customer base that includes the nation’s largest retail, healthcare, financial, utilities and energy organizations.