The asset, located near Interstates 75 and 285 as well as Hartsfield-Jackson International Airport, is described by KTR as a highly functional, stabilized class A asset in a proven Atlanta submarket. KTR now owns more than five million square feet in the Southeast, with other properties in Florida and Tennessee.

"This is our first acquisition in Atlanta, and we look forward to growing our presence in the market," says P.J. Charlton, KTR senior vice president of investments. He adds that the firm is seeking other industrial investment opportunities locally and in other major US logistics markets, including direct property acquisitions, equity recapitalizations and debt purchases.

The Airport/South Atlanta industrial submarket has vacancy just above 10%, putting it on par with the entire metropolitan area, according to Cushman & Wakefield. Asking rents for warehouse/distribution space were $3.23 per square foot at the end of last year.