Award-Winning Atlanta Industrial Property Trades for $34M
- May 14, 2020
Summit Real Estate has acquired Creekside Distribution Center, an industrial property in the Atlanta area that received an award for its construction excellence. The company purchased the distribution facility from a joint venture between Solution Property Group and Singerman Real Estate for $33.5 million.
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Creekside Distribution Center is located on a 32-acre site at 2110-2135 Lawrence Ave. in East Point, Ga. The 538,500-square-foot urban infill distribution facility was built with concrete tilt-wall construction, 32-foot minimum clear heights, wide column spacing, 85 dock-high doors, five drive-in doors, ESFR fire suppression, 85 trailer parking spaces and 95 car parking spaces. Located near the intersection of Interstates 85 and 75, Creekside is 5 miles away from Atlanta and 10 miles away from the Hartsfield-Jackson Atlanta International Airport.
JLL’s Dennis Mitchell, Britton Burdette, Matt Wirth and Brent Bono from the Capital Markets team marketed the property on behalf of the joint venture.
With Creekside in its portfolio, Summit now owns eight industrial properties in the Atlanta area. The company has undertaken many transactions in the city, achieving more than $150 million through acquisitions, sales and developments since 2014. Summit’s industrial portfolio also includes properties in Texas, Missouri and Florida. In February 2019, Summit purchased a five-property industrial portfolio in St. Petersburg, Fla., for $17.4 million.
Construction excellence award
Creekside Distribution Center was previously awarded with the Associated General Contractors of Georgia’s “Build Georgia” award. After being redeveloped in 2016, the property was honored for its construction excellence that highlights project safety, innovative construction techniques and dedication to client and customer service. The industrial property was also nominated for Atlanta Business Chronicle’s “Best of the Best” development project award.
Outside the property’s accolades, Creekside is the only institutional-quality distribution center larger than 50,000 square feet built after 2000 within 5 miles of Atlanta’s center and also the only industrial property larger than 300,000 square feet constructed inside the I-285 perimeter since 2003, according to JLL.