11330 Lakefield Dr | Duluth, GA 30097
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11330 Lakefield Dr
Duluth, GA 30097
Covenant Building I · Office Property For Sale
Investment Highlights
- Tremendous Location
- Ideal Corporate Headquarters
- Income Producing Owner-User Opportunity
Executive Summary
CBRE is pleased to present the opportunity to acquire Covenant I, a 49,618 sq. ft. office building in Johns Creek, GA (“The Offering”). The building features 39,668 sq. ft. available for owner occupancy.
Covenant I represents an opportunity for an owner-user to immediately occupy nearly 40,000 sq. ft. of extremely well-maintained office space in the heart of Johns Creek. In addition to high quality finishes, Covenant I offers an owner-user $372,000 of annual income to offset occupancy costs. The 9,950 sq. ft. suite is leased to Piedmont Bank at a rate of $20 per sq. ft. Full Service Gross through July 2031 with a 60-month renewal option and 2.75% annual escalators.
Covenant I has been exceptionally well-maintained, with over $1.2-million in recent capital expenditures. Recent capital expenditures include a new roof and HVAC replacement in 2019, an elevator modernization in 2021, as well as recent upgrades to the lobby, common areas, and restrooms.
In addition to easy access via Medlock Bridge Rd, Covenant I is immediately adjacent to Creekside Park, a 21-acre master planned development to include active and passive park amenities, and will connect the asset to Johns Creek’s Town Center.
Covenant I represents an opportunity for an owner-user to immediately occupy nearly 40,000 sq. ft. of extremely well-maintained office space in the heart of Johns Creek. In addition to high quality finishes, Covenant I offers an owner-user $372,000 of annual income to offset occupancy costs. The 9,950 sq. ft. suite is leased to Piedmont Bank at a rate of $20 per sq. ft. Full Service Gross through July 2031 with a 60-month renewal option and 2.75% annual escalators.
Covenant I has been exceptionally well-maintained, with over $1.2-million in recent capital expenditures. Recent capital expenditures include a new roof and HVAC replacement in 2019, an elevator modernization in 2021, as well as recent upgrades to the lobby, common areas, and restrooms.
In addition to easy access via Medlock Bridge Rd, Covenant I is immediately adjacent to Creekside Park, a 21-acre master planned development to include active and passive park amenities, and will connect the asset to Johns Creek’s Town Center.
PROPERTY FACTS
Sale Type
Owner User
Property Type
Office
Building Size
49,618 SF
Building Class
B
Year Built
1997
Price
$7,190,000
Price Per SF
$145
Percent Leased
20%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
24,809 SF
Building FAR
0.25
Lot Size
4.64 AC
Zoning
OI - Office Institutional- Fulton County
Parking
195 Spaces (4 Spaces per 1,000 SF Leased)
Amenities
- 24 Hour Access
- Property Manager on Site
- Accent Lighting
- Air Conditioning
PROPERTY TAXES
| Parcel Number | 11-0990-0374-013-0 | Improvements Assessment | $1,559,920 |
| Land Assessment | $501,120 | Total Assessment | $2,061,040 |
PROPERTY TAXES
Parcel Number
11-0990-0374-013-0
Land Assessment
$501,120
Improvements Assessment
$1,559,920
Total Assessment
$2,061,040
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