Monmouth Buys Metro Atlanta Warehouse for $97M

The Home Depot is the sole tenant of the newly constructed, 657,518-square-foot facility.
Gardner Logistics Park Phase 1, Building 2. Image courtesy of Monmouth Real Estate Investment Corp.

Monmouth Real Estate Investment Corp. has acquired a 657,518-square-foot industrial property in Locust Grove, Ga., for $96.7 million. Scannell Properties sold the recently constructed facility, which is part of the Gardner Logistics Park development, according to CommercialEdge.

At the end of 2019, the project received $70 million in taxable industrial revenue bonds, issued by Henry County Development Authority, with a 2029 due date.

The Home Depot is net-leasing the property under a 20-year contract. Governor Brian Kemp announced in August that Locust Grove will be one of the three new Home Depot locations in metro Atlanta, bringing 1,000 new jobs to the area. In October, Radial signed a 760,000-square-foot lease at the adjacent building, joining the home improvement retailer at Phase I of the logistics park and Love’s Travel Stops in a building across the street, part of Phase II.

Situated on a 130-acre site at 3150 Highway 42 South, the property is suitable for future expansion. Interstate 75 is less than a mile away, while downtown Atlanta and the Hartsfield-Jackson Atlanta International Airport are roughly 30 miles and 25 miles to the northeast, respectively.

Earlier this month, Monmouth acquired another brand-new industrial property outside of Columbus, Ohio, for $73.3 million. The 488,000-square-foot property is fully leased to FedEx Ground.