Albany Street Actual Property Companions has bought 120 Interstate NW, a four-building, 281,677-square-foot gentle industrial enterprise park in Atlanta. Adler Actual Property Companions acquired the asset for $49.6 million with the assistance of a $29.7 million mortgage from Delta Neighborhood Credit score Union, CommercialEdge information reveals.
JLL represented the vendor within the deal and likewise organized the acquisition financing for the customer. The campus was 97 % leased to 35 tenants on the time of sale.
The information comes on the heels of Adler’s buy of Valley Enterprise Middle, a 204,981-square-foot industrial property in Denver. The corporate paid $37.7 million for that park.
An Atlanta enterprise park
The property beforehand traded in November 2020 for $38.5 million, based on CommercialEdge information. Accomplished in 1978, the just about 23-acre park options climate-controlled buildings, 75- to 100-foot truck courts, 32 dock-high loading doorways, 22 drive-in doorways and about 625 parking areas.
The economic campus offers easy accessibility to interstates 75 and 85 and is lower than 3 miles from downtown Atlanta. Hartsfield-Jackson Atlanta Worldwide Airport is 12 miles southwest.
The JLL Funding Gross sales and Advisory crew comprised Senior Managing Administrators Matt Wirth, Dennis Mitchell and Britton Burdette alongside Director Jim Freeman. Senior Managing Director Melissa Rose, Senior Director Bobby Norwood and Director Hunter Goldberg organized the acquisition financing.
Calm waters for Atlanta’s industrial sector
Atlanta’s industrial sector noticed $407 million in gross sales year-to-date as of Could, based on the most recent CommercialEdge report. Belongings within the metro traded for $112 per sq. foot on common, under the $142 nationwide determine. Moreover, the market’s growth pipeline noticed a small uptick within the final yr, in step with the business actual property tendencies.
In one of many largest offers of the interval, International Logistic Properties paid $77.5 million for the primary part of King Mill Distribution Park, a 846,496-square-foot warehouse in McDonough, Ga. The value per sq. foot equated to $91.55, under the market’s median worth.
