(Read more on the industrial market.)
ATLANTA-Boston-based Cabot Properties has acquired Perimeter West, a three-building industrial property with 170,000 sf. The property was sold by locally based Oakmont Industrial Group, which acquired the buildings in May 2005. It was 95% leased at the time of the sale, up from 75% leased when Oakmont acquired it in 2005. The acquisition price was not released.
It is located near Interstate 285 and the Cascade Road interchange on Atlanta's west side. “We like the location of the asset, but the buildings were developed in 1987 and in need of some updating and deferred maintenance,” says Oakmont senior property manager Stacie Vrooman, who led the repositioning effort.
After acquiring the property, Oakmont repainted the building exteriors, made several significant roof repairs, and restored concrete and asphalt throughout the drive aisles, parking lots and truck courts. “We felt it was the right time to sell the property,” Tom Cobb of Oakmont tells GlobeSt.com. “It had gone through a successful repositioning program. We were able to renew 60% of the tenants' leases and were able to get the rents up to market rates.”
Leasing efforts were handled on behalf of Oakmont by Bilijack Bell and Scott Polinski, of Wilson, Hull and Neal. Chris Riley, Frank Fallon and Brian Budnick, of CB Richard Ellis, represented Oakmont in the sale.
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