ATLANTA—WPT Capital Advisors has secured a $28.7 million acquisition loan for Core5 Logistics Center at Interstate West. Core5 is a 781,440-square-foot industrial facility in Austell, GA.
CBRE Capital Markets' Debt & Structured Finance Joel Torborg, based in Minneapolis, and Atlanta-based Jonathan Rice and Jeff Ackemann led the capital markets efforts for the three-year loan provided by BMO Harris. The loan will be used to provide acquisition financing along with the costs to provide for lease-up of the facility.
“The industrial market nationwide, and especially in Atlanta, is performing very well, landing it as the top preferred property type among investors in CBRE's investor intentions survey kicking off the year,” Rice, senior vice president at CBRE, tells GlobeSt.com. “The strong fundamentals in Atlanta have reflected what investors expected, landing us as top industrial market with low vacancy and high investor interest—and in turn, high interest from the lending community. This particular trade was unique in that the asset was acquired prior to stabilization, but speaks to the health of the market.”
Located at 440 Interstate West Parkway, Core5 Industrial Partners developed the industrial asset in 2017. Construction on the property was completed in September. CBRE's s manages the leasing for 440 Interstate West on behalf of WPT Capital Advisors.
The industrial property contains 781,440 square feet with 36 foot clear heights and other modern warehouse amenities. It is strategically located within the Cobb County – Six Flags Opportunity Zone, where companies are eligible for job tax credits of up to $3,500 per new job created. In addition, users locating to Interstate West may receive Enterprise Zone tax exemptions.
(This rapidly-growing industrial market is evolving. Get the details.)
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