Talonvest Secures Refi for Atlanta Industrial Park
- Sep 10, 2020
Talonvest Capital has arranged a $6.8 million refinancing package for Pleasantdale Industrial Park, a fully occupied, 127,391-square-foot industrial property in Doraville, Ga. The company’s Erich Pryor, David DiRienzo, Tom Sherlock and Lauren Maehler secured the loan on behalf of the borrower, CIP Real Estate.
Renasant Bank originated the five-year mortgage, according to Yardi Matrix. Loan terms include two years of interest-only payments, a two-year extension option, limited recourse and no prepayment penalties. The note also features future advances for the owner’s capital improvement plan, which involves landscaping, signage and interior upgrades.
Located on 9 acres at 4000 and 4030 Pleasantdale Road, the industrial park encompasses two single-story buildings completed in 1978. The tenant mix includes Leon International Foods, Global Food Distribution and The Flooring Outlet, among others. The property is a short distance from Interstate 85 and 16 miles northeast of downtown Atlanta.
CIP Real Estate acquired the asset for $9.3 million from Hailey Realty, Yardi Matrix shows. The purchase was part of a $239.4 million industrial acquisition the buyer closed in June. In the wider deal, the company paid $126.6 million for Gwinnet Commons, a 1.2 million-square-foot business park in Norcross, Ga., $75.5 million for a 13-property North Carolina portfolio and $28 million for Whitehall Tech Center, a 205,000-square-foot industrial project in Charlotte, N.C.