Fully Leased Atlanta Warehouse Changes Hands

Mayfield Properties sold the distribution center for more than $16 million. The roughly 455,000-square-foot asset last traded in 2014 for $12.8 million.
1001 Cherry Drive

Mayfield Properties has sold a 455,602-square-foot distribution center northeast of Atlanta to a joint venture between Novaya and Foxfield Real Estate Ventures for $16.3 million. Webster Bank provided $11.7 million in acquisition financing, according to Jackson County records. The loan matures in October 2023.

Located at 1001 Cherry Drive in Braselton, Ga., the warehouse is situated along Interstate 85, within 50 miles of downtown Atlanta. The property is fully leased to two tenants, TranSouth Logistics and Year One.

The facility was constructed in 1985 and expanded to its current size in 1996. The 30.5-acre parcel includes space for future expansion. The asset features 24-foot clear heights, 24,098 square feet of office space and a parking ratio of almost 1.1 per 1,000 square feet. The seller picked up the industrial property from Atlanta Property Group in 2014 for $12.8 million.

Colliers International’s Dennis Mitchell and Matt Wirth represented Mayfield Properties in the transaction. The same team closed on a nine-building mixed-use property in Alpharetta in 2017.

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