HFF Secures $11M Financing for Atlanta-Area Industrial Portfolio
- Apr 27, 2017
HFF has secured $11.1 million in acquisition financing for a four-building industrial portfolio totaling 409,801 square feet in the Atlanta metropolitan area. Citimark Inc. is the owner of the fully-leased properties.
The portfolio includes Airport Plaza 2 and 3 located at 470 and 472 Plaza Drive in College Park, Ga. Totaling 79,709 square feet feature 18- to 20-foot clear heights. The assets are close to Hartsfield International Airport and offer convenient access to I-75 and I-85.
Located at 4164 NE Expressway in Doraville, Ga., Atlanta Northeast 11 features 112,316 square feet and is situated on a 7-acre land parcel. The facility offers dock and drive-in loading, 18-foot clear height, outside storage and wet sprinkler system. The asset offers easy access to I-85 and I-285.
Royal Industrial Center 3 is located at 5025 N. Royal Atlanta Drive in Tucker, Ga. The 217,776-square-foot property offers front load, eight doors with levelers and 24-foot clear height. Additionally, all buildings comprised in the portfolio were developed between 1970 and 1985 and were at 100 percent occupancy at the time of the deal.
HFF’s Ken Martin led the debt placement team that arranged a seven-year fixed-rate loan with 40/86 Mortgage Capital Inc. on behalf of the borrower. The deal marks Citimark’s first purchase in the Atlanta area, in keeping with the company’s strategy to purchase infill Class A and B industrial assets in primary markets across the U.S.
“Atlanta serves as the industrial hub of the southeast, and as Citimark continues to grow its industrial presence nationally, it’s important that we establish and grow a presence there. The fundamentals in Atlanta remain strong, and we feel there will continue be opportunities to grow our footprint in the market,” Citimark’s CIO Tim Hoffman said in prepared remarks.
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