Stone Mountain Portfolio Commands $135M
- Dec 07, 2015
By Keith Loria, Contributing Editor
A joint venture between Ackerman & Co. and Investcorp have acquired Stone Mountain Industrial Park, a 4.1-million-square-foot portfolio consisting of 69 buildings in the Tucker/Stone Mountain submarket of Atlanta, Ga., for $135 million from Pattillo Industrial Real Estate.
The properties were originally developed and master-planned by Pattillo.
“These legacy properties had never been on the market for sale. When the opportunity presented itself, the time to buy was now,” Kris Miller, Ackerman & Co.’s president, told Commercial Property Executive. “Well built, in-town ‘shallow bay’ industrial product is irreplaceable. Other factors that were appealing included outstanding historical occupancy, broad multi-tenant diversity, and one of Atlanta’s tightest and most centrally located infill industrial submarkets.”
The diverse portfolio of shallow-bay industrial warehouses includes single-and multi-tenant configurations of front, rear and side-load designs ranging from 5,000 to 200,000 square feet.
“Ackerman is extremely bullish on industrial product right now and this is some of the best shallow bay industrial in Metro Atlanta,” Miller said. “The properties have been well maintained by Pattillo; our business plan ensures that we’ll continue to keep them in the best possible condition.”
Stone Mountain Industrial Park is well located and is a convenient uncongested access point to service the entire metro Atlanta region.
With the deal, Ackerman & Co. has now developed and acquired nearly 35 million square feet of office, medical, industrial, retail and mixed-use space, has more than 7-million-square-feet under management, and maintains an investment portfolio valued at $1 billion.
Cushman & Wakefield’s Stewart Calhoun, David Meline, Samir Idris and Casey Masters brokered the sale on behalf of Pattillo.
Brett Buckner, Ackerman & Co.’s senior vice president, will manage the leasing and user-sales at Stone Mountain Industrial Park. Professional and on-site management will be provided by the Ackerman & Co. Property Management division.