JLL Income Property Trust Buys 340 KSF Facility
- Jan 08, 2018
JLL Income Property Trust has acquired Mason Mill Distribution Center, a 340,000-square-foot Class A industrial facility in Buford, Ga. The REIT purchased the asset for approximately $31 million from Taylor&Mathis.
The distribution center is part of a larger industrial development, Satellite Logistics Center, completed in December 2016. Mason Mill Distribution Center is fully leased by AmerisourceBergen Corp., a pharmaceutical sourcing and distribution services company, which will use the facility for its southeast operations. The lease contract expires in 2027.
Mason Mill Distribution Center is located at 3930 Mason Mill Road, with immediate access to Satellite Boulevard N.E. and just over a mile from Interstate 985. The facility is four miles away from the Lawrenceville-Suwanee Road and I-85, 25 miles away from Atlanta’s Perimeter and 37 miles from I-75. The distribution center features a cross-dock design, seven-foot floor thickness, 32-foot clear height, ESFR sprinklers, 54- by 55-foot column spacing, insulated ceilings and climate control.
High barrier to entry
Atlanta’s economic growth propelled the city among the fastest-growing large cities in the U.S. over the past year. The metro became known as the largest economy in the Southeast, and a hub for finance, commerce, communications, transportation, education and culture. More than 75 percent of Fortune 1000 companies have operations in the metro, while 15 Fortune 500 have headquarters in Atlanta. The Mason Mill Distribution Center is located in Buford—the largest submarket in the metro—, where the existing skilled labor pool and extensive interstate infrastructure continue to attract multinational tenants such as AmerisourceBergen.
“We are pleased to add this high-quality industrial property to our portfolio, as we increase exposure to core assets in high-barrier-to-entry markets. The fundamental tailwinds benefiting the industrial real estate sector are numerous, and we expect to continue to capture upside associated with this trend as long as it continues,” said Allan Swaringen, president & CEO of JLL Income Property Trust, in a prepared statement.
Images courtesy of JLL