Atlanta Skyview Distribution Center Changes Hands
- Apr 20, 2017
Formerly known as Amstar Advisers, real estate private equity company Ascentris recently closed the sale of Skyview Distribution Center in Atlanta. The 225,000-square-foot light industrial building in Lithia Springs, Ga., was developed in conjunction with Huntington Industrial Partners. Ascentris closed the sale on behalf of one of its public retirement system clients.
Located at 2601 Skyview Drive, the state-of-the-art facility features front-loading configuration with 32-foot clear height, trailer parking area, ESFR (Early Suppression, Fast Response) ceiling mounted fire sprinkler system and 120 parking stalls. The facility started as a speculative development following the acquisition of the land parcel in 2014. Shortly after completion in August 2016, Z-Gallerie executed a lease for the entire building. The site is 4 miles away from the Norfolk Southern intermodal yard and 16 miles from the Hartsfield-Jackson International Airport.
“The partnership made the decision to develop Skyview when it realized that the Atlanta industrial market had entered the recovery stage of its cycle. In 2014, new development of Class A industrial space was extremely limited and rental rates were just beginning to increase for the first time since the recession,” Ascentris Managing Director Tricia Noble said in prepared remarks.
CBRE’s Todd Barton leased the property, while Chris Riley and Frank Fallon of CBRE’s Institutional Properties team brokered the sale.
Images courtesy of Yardi Matrix