In a prepared statement, Wells chief investment officer David Steinwedell didn't disclose the purchase price. But area industrial brokers familiar with the single-story, 595,404-sf property tell GlobeSt.com the contract price was about $50 per sf, or a total $29 million. The seller was Carter & Associates of Atlanta.
The just-completed distribution center at 9103 Riverside Parkway is 100% leased to JVC Americas Corp., a wholly owned subsidiary of Victor Co. of Japan Ltd. The buyer of record is Wells Real Estate Investment Trust II Inc. The center has 32-ft, clear-height ceilings, deep truck courts and cross-dock distribution capacity.
"This acquisition represents a return to the industrial investment market for Wells," Steinwedell says. "The company is committed to building a strong presence nationally in the industrial market."
He adds, "Like most markets across the country, Atlanta suffered some softness in the industrial market over the past two years. However, we believe factors such as a declining delivery/development pipeline indicate that the industrial market in Atlanta is poised for growth in the next few years.
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