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NNN STNL HQ + Distribution Warehouse 650 Engineering Dr
30,828 SF Office Building Peachtree Corners, GA 30092 $7,800,000 ($253/SF) 5.88% Cap Rate
Investment Highlights
- GENERATIONAL Asset | Prestigious Technology Park Atlanta | Notable innovations include first PC modem, colored printer, & founding of now Cisco
- “Top 50” in prestigious Franchise Business Review
- Mighty Auto Parts is the leader of auto parts distribution, service, & training for gas and electric vehicles | 2023 Revenue increased to $138 million
- 11 Year ABSOLUTE NNN | ZERO LL Responsibilities | ANNUAL Rent Increases
- Technology Park Atlanta is the region's third-largest hub of warehouse and distribution centers
- Latest Capital Improvement work completed in 2014, 2021, and 2022, showing Tenant commitment to current location
Executive Summary
The 60 year old company has been headquartered in prestigious Technology Park Atlanta since Tech Park’s inception in 1970. Mighty moved to its current address in 1999, where its mission critical HQ and build-to-suit distribution warehouse has been based and continuously updated, most recently in 2022.
LOCATION OVERVIEW
Norcross, GA is an affluent and dense suburban city in Gwinnett County and included in the Atlanta-Sandy Springs-Marietta MSA. The city’s population doubled in 10 years, to 17,209 in 2020. Its 112-acre downtown is listed in the National Register of Historic Places and known for its food, art, and culture. Many families and young professionals live in Norcross.
Norcross has a highly competitive geographic position for logistics and distribution with convenient access to numerous interstate highways, air transit and seaports — in addition to close proximity to the Atlanta Central Business District. The city is also 30 miles to Hartsfield-Jackson Atlanta International Airport, the country’s busiest airport and top 10 busiest in the world.
Technology Park is a prestigious business park in north Metro Atlanta and remains a magnet for new and established technology companies. Multiple new housing, office, and massive countywide trail planning for e-scooter/biking to seamlessly connect Technology Park and the city is under development, currently entering Phase III. Subject property is located near trail. Please see attached OM for further information.
Cosmopolitan Atlanta is a booming regional center for the prosperous American South and vital transportation crossroad for both ground and air transport. The city is an established regional and headquarters business center for large corporations such as Coca-Cola, Delta Airlines, Home Depot, UPS, Siemens, Honeywell, and Bellsouth, just to name a few.
Property Facts
MAJOR TENANTS
- Tenant
- Industry
- SF OCCUPIED
- RENT/SF
- Lease Type
- Lease End
-
- Retailer
- 30,828 SF
- -
- Triple Net
- Dec 2033
Mighty Auto Parts has been dedicated exclusively to the automotive professional for more than 58 years. And like a finely tuned machine, they will continue driving forward to serve the ever-changing automotive service industry. In 1963, Dallas “Dick” Wallace started selling tire repair products from his VW Beetle to service stations in the Washington D.C. area. Originally the business was known as M-T-Y which stood for Manufacturer To You. This innovative and efficient distribution model offered the industry direct sourcing for preventive maintenance products including: commonly replaced auto parts, tire repair, wheel weights and shop supplies. During the 60’s a thriving network of local and regional distributors grew into the Mighty Distributing System. Today, Mighty supports a nationwide network of franchises and company operations located in 44 states serving more than 15,000 automotive service facilities. Headquartered just outside of Atlanta in Peachtree Corners, Georgia.
| Tenant | Industry | SF OCCUPIED | RENT/SF | Lease Type | Lease End | |
|
|
Retailer | 30,828 SF | - | Triple Net | Dec 2033 |
PROPERTY TAXES
| Parcel Number | 6-284-090 | Improvements Assessment | $799,120 |
| Land Assessment | $328,560 | Total Assessment | $1,127,680 |
PROPERTY TAXES
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NNN STNL HQ + Distribution Warehouse | 650 Engineering Dr
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