Pure Industrial Acquires Atlanta Warehouse
- Jan 05, 2018
Pure Industrial Real Estate Trust has acquired Phase II of King Mill Distribution Park, a 760,256-square-foot, Class A industrial warehouse in McDonough, Ga., from a partnership between Trammell Crow Co. and Allstate.
“The appeal of the property for the buyer was the modern, first-class, cross-dock distribution structure with multiple key attributes that potential companies are looking for when it comes to leasing a building—such as 36-foot clear height and ample auto and trailer storage,” Mark Dishaw, TCC’s principal in Atlanta, told Commercial Property Executive. “The project was also located in an established distribution park and the building’s location offered multiple ingress/egress points served by two interchanges off Interstate 75.”
The distribution park also boasts a flexible design that can accommodate multiple tenants served by separate entrances.
Located at 150 Distribution Drive, less than 30 miles from Atlanta, the warehouse was part of Allstate’s investment portfolio before the sale.
“TCC’s culture of integrity, persistence, passion and entrepreneurial spirit continues to drive our professionals, both in Atlanta and across our 16 offices,” Dishaw said. “Our philosophy is to develop the best product on the best sites in the best markets. My experience has taught me that consumer preferences define how our team finds the right site, at the right time and builds a product type in high demand.”
Being in the Henry County segment of the I-75 South industrial submarket, the property offers strong access to I-75, the full Georgia State Route 155 Interchange, as well as access south on I-75 via Billy Gardner Parkway.
According to Dishaw, the location was extremely appealing to the buyer, influencing its decision to acquire the property.
“This location on I-75 has attracted major companies due to not only the great access to the population base of Metro Atlanta, but it serves as Atlanta direct distribution corridor to the approximate 18 million residents of Florida,” he said. “Finally, another driver for companies to like this location is the good accessibility to the Port of Savannah.”
Details of Phase 1
Eight months ago, the TCC/Allstate joint venture found a buyer for Phase I of King Mill Distribution Park in American Realty Advisors, who acquired the 846,496-square-foot Class A building. That building is fully leased to Wayfair.
CBRE Global Investors–Americas served as Allstate’s adviser on the Phase 1 transaction, while the CBRE Atlanta team of Frank Fallon, Chris Riley and Trey Barry represented the seller in Phase 2.
“Once again, we’ve achieved excellent results through our tremendous teamwork with CBRE Global Investors,” Mike Moran, Allstate’s managing director of real estate equity,” said. “We’re thrilled with the outcome of the sale of King Mill Phase II, which was a great asset to our portfolio, as we expect it will also be to its new owner.”
In October, TCC teamed with Cottonwood Partners and a subsidiary of a private real estate fund advised by Crow Holdings Capital Real Estate, on the closing of the sale of the 1.5-acre Sentinel Square III site, part of a 1.3 million-square-foot office complex in Washington, D.C.
Image courtesy of Trammell Crow Co.