2401 Mellon Court was purchased in July 2013. The 69,760,500 square foot brick and steel building, is located in Atlanta’s I-20 East industrial corridor.
The property was purchased from a private family trust. The $750,000 ($10.75 SF) purchase price was significantly below replacement cost. AIP Properties completely renovated the property by replacing the roof, repaving the truck court and parking lot while also totally renovating several tenants spaces.
At the time of purchase, the property was 12% leased and unable to cover its initial debt service. Within seven months the property was 100% leased and is now providing a consistent cash flow for investors.