Foxfield has acquired a 169,252-square-foot industrial constructing in Duluth, Ga., inside Atlanta’s Northeast submarket.
The property modified fingers for $19 million from vendor Barco, in keeping with CommercialEdge. The identical supply exhibits that the brand new possession additionally secured a $8.6 million acquisition mortgage from Aegon Insurance coverage Co., with a maturity date set for 2031.
JLL and Hailey Realty Co. labored on behalf of the vendor. The deal was a sale-leaseback settlement, with Barco persevering with to totally occupy the area below a six-year, triple-net lease.
Foxfield expanded within the Southeast area with this deal and in addition marked the 14th acquisition made by means of its Foxfield Open-Finish Fund, that opened in 2020 and has been concentrating on totally leased Class A and B industrial and flex/R&D property.
The economic facility got here on-line in 1998 and is at 3059 Premiere Parkway. The property consists of 24-foot clear heights, front-load configuration, seven dock-high doorways, two drive-in doorways and ample parking area.
The 12-acre asset is near Interstate 85 and U.S. Route 23, permitting easy accessibility to main transportation routs within the Atlanta area. DeKalb-Peachtree Airport is nineteen miles from the ability, whereas Atlanta is 28 miles away and Hartsfield-Jackson Atlanta Worldwide Airport is inside 40 miles.
Senior Managing Administrators Dennis Mitchell, Matt Wirth and Britton Burdette, along with Director Jim Freeman with JLL’s Funding Gross sales and Advisory staff negotiated on behalf of the vendor. Hailey Realty Co.’s Government Vice President Howard Boyd and Vice President John Crawford additionally supplied help.
Atlanta industrial metro among the many greatest within the U.S.
The economic actual property funding quantity in metro Atlanta reached almost $2 billion as of October, in keeping with a latest CommercialEdge report. The amount put Atlanta among the many prime 10 best-performing industrial markets within the U.S. Industrial properties traded at a mean sale worth of $116 per sq. foot, under the nationwide common of $129 per sq. foot, whereas in-place rents reached $6.06 per sq. foot, marking a 9 p.c year-over-year improve.
In October, Faropoint bought two light-industrial properties in Doraville, Ga. and Morrow, Ga. The property are totaling some 253,500 sq. ft of area and traded from Ivanhoé Cambridge, with the help of the identical JLL staff.
One other notable deal in Atlanta was Adler Actual Property’s $49.6 million acquisition of a four-building industrial campus that was 97 p.c leased on the time of the sale. JLL represented the vendor and helped in securing the acquisition financing.
