(Read more on the industrial market.)
PENDERGRASS, GA-Chicago-based First Industrial Realty Trust Inc. has acquired an 850,000-sf distribution center at 596 Bonnie Valentine Way. The recently developed cross-dock facility, located in the Interstate 85 corridor in northeast Atlanta, has 190 dock-high positions and four drive-in doors.
The facility also features 32-foot clear heights, an ESFR sprinkler system, parking for 234 trailers and a 15-foot concrete dolly pad. The center can be leased to a single user or the site can be modified to accommodate multiple tenants by expanding the trailer parking and creating separate secured truck courts. Tom Shafer, of Resource Real Estate Partners, assisted with the transaction. Terms of the deal were not disclosed.
First Industrial senior investment officer Brady Scott tells GlobeSt.com that the building, constructed by a locally based developer in 2006, is currently vacant. "We think the property is the right size for the type of bulk tenants that are seeking space in this area," he says. "It's very fungible. It can accommodate a wide range of users."
Other attributes of the property is its location in the northeast submarket of Atlanta, which has been experiencing strong industrial leasing activity. "Customers continue to look for bulk distribution space in the Interstate 85 corridor due to the excellent transportation network connecting it to the rest of the east coast," says Scott. "The Interstate 85 corridor is consistently one of the strongest industrial submarkets in Atlanta with above average levels of net absorption."
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