ATLANTA—Woodmont Industrial Partners (WIP) purchased a 519,045-square-foot distribution center in Morrow, GA. The sale price: $9.2 million. The industrial building is located within the Atlanta South submarket, along Interstate 75. Interstate 75 is one of the main arteries surrounding the Atlanta Metropolitan area.
As part of its strategic expansion, WIP's goal is acquire three million square feet of existing value-add opportunities and/or land for development within the next 18 months in major transportation corridors. Located at 1791 Mount Zion Road, the Morrow industrial property clearly demonstrates WIP's expansion plans outside of the Northeast region and highlights the firm's aggressive strategy to invest in major markets in port/intermodal areas around the country.
“As we strategically grow our portfolio, we see this as another WIP value-add opportunity to acquire a well-located, desirable distribution center that's less than 10 miles from the Hartsfield-Jackson Atlanta International Airport and less than 20 miles from Downtown Atlanta,” says Eric Witmondt, principal of Woodmont Industrial Partners. “We will continue pursuing properties in local markets that present unique investment opportunities.”
With fast access to Interstate 75, the property features 72 dock doors, two drive-in doors, 22-foot clear height, a five-inch concrete floor and parking for 110 trailers, and a new roof. Partner Jack Haden and managing director Michael Chambers of NAI Brannen Goddard served as the real estate broker between WIP and Continental Property Group, the seller.
“As strong demand for intermodal logistics in prime locations continues, we are eager to invest our capital in high-quality assets,” Witmondt says. “We believe that positive demographics are driving the Atlanta market and WIP is an active investor in creating high-quality warehouse buildings near our Mt. Zion distribution center.”
Woodmont has retained NAI to be the exclusive leasing agent for 1791 Mount Zion Road. WIP launched a capital improvement program that includes new dock equipment, life safety system upgrades, interior and exterior refinishing and new landscaping in line with WIP's high operational standards. Over the last three years, WIP has purchased and sold nearly 4 million square feet of industrial space strategically located in a number of intermodal Eastern markets.
“The Atlanta Metro continues to attract net new industrial users who require a southeastern distribution point within their logistics network,” Lisa Pittman, director and Lead of Cushman & Wakefield's Industrial Tenant Representation Practice, tells GlobeSt.com. “This trend will continue as long as Atlanta remains a good place to live and work as companies continue to improve their delivery times to customer's homes.”
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