Northmarq, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a 72,000-square-foot industrial building leased to FedEx Ground. The property is located at 7783 Chattsworth Road in Columbus, Georgia. The seller, a private investor based in Boca Raton, Florida, was represented by Northmarq’s James Ullrich, Michael Macchia and Joshua Pardue. The asset was purchased by a private investor from Orlando, Florida. The property traded for approximately $6.8 million. The cap rate was not disclosed.
“Despite the short lease term, the property commanded a low cap rate. We feel this is a testament to the strength of the overall industrial market,” said Macchia, Associate Director in Northmarq’s New York office. “The Columbus, Georgia sale is also an example of national investors migration into tertiary Southeast markets in search of yield, as the usual suspects like Charlotte and Greenville become quite crowded and compressed.”
The property was constructed in 2007 and renovated in 2011. Situated on 15 acres, the asset is approximately eight miles from downtown Columbus and the Columbus Airport. At the time of the sale, there was a short lease term remaining on the tenant’s lease.