SunCap Trades GA Industrial Asset for $61M

Monmouth Real Estate Investment Corp. picked up the nearly 375,000-square-foot FedEx Ground distribution center, which opened this summer northeast of Atlanta.

SunCap Property Group has sold a 373,750-square-foot industrial asset northeast of Atlanta to Monmouth Real Estate Investment Corp. for $61.1 million. The newly constructed building serves as a distribution center for FedEx Ground, which has net leased the property for 15 years.

Located at 650 Braselton Parkway in Braselton, Ga., the asset is positioned on 92.6 acres near Interstate 85, within 50 miles of downtown Atlanta. A number of other industrial properties operate in the immediate area, home to tenants including Whole Foods, Hitachi and Carter’s.

Another recently developed warehouse, less than half a mile east of the building, traded in July for $22.9 million, according to Jackson County records, pointing toward strong demand for industrial space in the market. “This…facility has substantial future expansion capacity,” said Michael Landy, president & CEO of Monmouth, in a prepared statement. “This facility is well-situated to serve the 6.6 million residents located within the Atlanta-Athens corridor.”

Last year, SunCap sold a nearly 240,000-square-foot FedEx Ground-occupied warehouse in Florida to the same buyer for $38.3 million.