Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a net-leased Verizon property in Lawrenceville, Georgia, for $2.72 million. 

“Verizon’s recent long-term lease renewal underscores its continued commitment to this strategic site, which offered our buyer secure cash flow as part of a 1031 exchange,” said Sam Malato, director investments. “With strong population growth, a diverse economic base and significant public and private investment, including the ongoing expansion of Northside Hospital Gwinnett, Lawrenceville continues to emerge as an increasingly attractive market for net-leased investments.” 

Malato and Dominic Sulo, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, in association with John Leonard, Marcus & Millichap’s Georgia broker of record, had the exclusive listing to market the property on behalf of the seller, a California-based private investor, and procured the buyer, a family-run commercial real estate development and management business from Cordele, Georgia. 

Located at 890 Lawrenceville-Suwanee Road, the property was built in 2006 and has operated as a Verizon since its opening. Situated on 1.29 acres, the asset is secured by a corporate-guaranteed double-net lease with eight years remaining. The site is adjacent to national retailers including Target, The Home Depot, Publix Super Market, Marshalls and PetSmart.