ATLANTA—Phase II of King Mill Distribution Park near Atlanta has traded hands. Trammell Crow Company and its partner, Allstate, sold the industrial asset to Pure Industrial Real Estate Trust (PIRET), a Canadian Real Estate Investment Trust (REIT) that focuses on industrial properties. Financial terms of the deal were not disclosed.
Spanning 760,256 square feet, the class A industrial warehouse is located at 150 Distribution Drive, in McDonough, GA. The property was part of Allstate's investment portfolio before the sale. CBRE Atlanta's Frank Fallon, Chris Riley and Trey Barry represented the seller in the transaction.
“King Mill Distribution Park will be a great addition to PIRET's current industrial portfolio as the REIT continues to expand its footprint throughout the state of Georgia and the US,” says Mark Dishaw, principal in TCC's Atlanta Business Unit. “We have now successfully developed and sold each of our King Mill buildings totaling more than 1.6 million square feet and look forward to more development opportunities in the area.”
In May, the joint venture sold Phase I of King Mill Distribution Park to American Realty Advisors. The 846,496-square-foot class A building is fully leased to Wayfair, a Boston-based e-commerce retailer specializing in home furnishings and décor. CBRE Global Investors–Americas acted as Allstate's adviser on the transaction.
The industrial building features 36-foot clear building heights, ample trailer storage and employee vehicle parking, efficient ingress-egress at two separate entrances, and a flexible design that can accommodate multiple tenants served by separate entrances. King Mill Distribution Park is located in the Henry County segment of the Interstate 75 South industrial submarket with easy access to Interstate 75, the full Georgia State Route 155 Interchange, as well as access south on Interstate 75via Billy Gardner Parkway.
“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.”
(This rapidly-growing industrial market is evolving. Get the details.)
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