Atlanta Industrial Park Sells for $39M
- Dec 11, 2020
Albany Road Real Estate has acquired a four-building, light industrial business park in Atlanta. JLL represented the seller, a joint venture including The Ardent Cos., Taconic Capital Advisors and Axonic Capital. The 281,677-square-foot asset traded for $38.5 million. According to Cobb County records, Delta Community Credit Union originated a $29.4 million loan for the buyer.
The park, which has undergone a capital improvement plan since 2016, features 14 to 18-foot clear heights, 34 dock-high doors and 39 grade-level roll ups. The campus includes 43 suites with an average size of 6,545 square feet. The property is 87 percent leased to 36 tenants.
Located at 120 Interstate Northwest on 22.7 acres, the property is in the Cumberland Galleria submarket. The asset is 2 miles from the junction of interstates 75 and 285, and 13 miles from downtown Atlanta.
The JLL brokerage team included Dennis Mitchell, Matt Wirth, Britton Burdette and Crosby Taylor. In October, the same team represented the seller of Plaza 85 Business Park, a nine-building asset in Norcross, Ga.