650 Engineering Dr, Peachtree Corners, GA 30092-2821
- Commercial land
- 3.56 lot acres
Current Use by Public Records
- Commercial land
Property Details for 650 Engineering Dr
- Lot size
- 3.56 lot acres
- Zone code
- M1-LIGHT INDUSTRY
- Property type
- Commercial land
- APN
- 6-284 -010
- APU
- 6284010
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Jan 14, 2020 | $2,461,000 | Mty Investments LLC | North Riverside Capital Co LLC | Warranty Deed | — |
| — | — | Mighty Distributin System Of A | — | Deed Of Trust · related | $8M · Wachovia Bank NA |
Description
This exceptional investment opportunity presents a fee-simple ownership of a 30,828-square-foot industrial property in Peachtree Corners, Georgia (30092). Located at 650 Engineering Dr, Norcross, within the prestigious Technology Park Atlanta, this property houses the headquarters and distribution warehouse of Mighty Auto Parts, a leading automotive parts distributor serving 44 states and five international markets. The property sits on a 4.44-acre lot and features a 100% occupancy rate under an absolute NNN, 11-year lease (commencing December 23, 2022, and expiring December 31, 2033), with 9.1 years remaining. The lease includes annual rent increases based on CPI, not to exceed 2%, and 2-5 year renewal options. The current annual net operating income (NOI) is $458,320, resulting in a 5.88% cap rate and a price per square foot of $253.02. The asking price is $7,800,000. The tenant, Mighty Auto Parts, provides a corporate guarantee, ensuring financial stability. The building underwent renovations in 2022, demonstrating the tenant's commitment to the location. This property offers a strong, long-term investment with a stable tenant and significant upside potential in a prime location within a thriving technology park and easily accessible transportation network. The property's strategic location benefits from proximity to major interstates, Hartsfield-Jackson Atlanta International Airport, and the Atlanta Central Business District. Audited financials are available upon request, showcasing consistent revenue growth and profitability. This is a generational asset with a proven track record and significant long-term value.
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Location Insight
- Map
- Local Demand
- City
- Peachtree Corners
- County
- Gwinnett
- State
- Georgia
- Longitude
- -84.231
- Latitude
- 33.9638
- CBSA code
- 12060
- CBSA name
- ATLANTA-SANDY SPRINGS-MARIETTA, GA METROPOLITAN STATISTICAL AREA
