Industrial Property Trust Makes Its Mark in Atlanta’s Largest Industrial Submarket
- Jan 09, 2015
Industrial Property Trust Inc. has acquired the Peachtree North Industrial Portfolio, four multi-tenant Class A warehouse buildings in Atlanta, totaling 708,370 square feet, from McDonald Development.
Cushman & Wakefield’s national industrial advisory group represented the seller in the transaction. The price was undisclosed.
Located in the I-85/Northeast submarket, the portfolio comprises buildings 1200, 1300, 1327 and 1400 Northbrook Parkway. Its infill location is immediately adjacent to the I-85/Old Peachtree Road interchange and provides immediate access to local, regional and national distribution routes and Gwinnett County’s highly-skilled population base.
At the time of the sale, the Peachtree North Industrial Portfolio was 92 percent leased to a highly diversified rent roll with more than four years of weighted average remaining term.
In October, Industrial Property Trust first entered the Atlanta market, acquiring the Meadows Distribution Center for $7.7 million.
According to Colliers International 3Q Industrial Market Report, the Atlanta industrial market experienced a modest quarter after leading the nation with 6 million square feet of industrial space absorbed the previous quarter. Nevertheless, almost 2.3 million square feet of positive absorption occurred, which is the ninth consecutive period with an increase in occupancy.
Another big Atlanta industrial acquisition was made by Hartz Mountain Industries in October, when it acquired Peachtree Corners and Kennestone Corners, a 2.5-million-square-foot North Atlanta distribution portfolio of Class B industrial centers, from Clarion Partners for $129 million.
Industrial Property Trust had a busy 2014 as well, acquiring more than 2 million square feet in eight major industrial markets, including sites in Baltimore, Chicago and D.C.