Newnan Distribution Center, 60 Herring Road, Newnan, GA
NEWNAN, GA—Ontario-based Agellan Commercial Real Estate Investment Trust purchased Newnan Distribution Center, a 1.9 million-square-foot, multi-tenant distribution center in the Atlanta-area community of Newnan, GA, for $53 million.
Agellan's 46 properties, mainly in major US urban markets, contain 8.3 million square feet of gross leasable area, with the REIT's ownership interest at seven million square feet.
A Holliday Fenoglio Fowler team led by senior managing director Chris Norvell, director Patrick Nally, and senior managing director Richard Reid represented the sellers, LRC Properties and a private Canadian-based investor.
Originally constructed in 1978 as a build-to-suit for Kmart, Newnan Distribution Center was renovated in 2001 and is now 87%-leased to two tenants, Variety Wholesalers, which uses the warehouse to serve more than 180 locations across the Southeast, and Elite Comfort Solutions, a rapidly growing foam manufacturer. The facility features 24-foot clear heights, 1,000 trailer storage spaces, 118 dock-high loading positions and a new glass office entrance.
Situated on 101.74 acres at 60 Herring Road, Newnan Distribution Center is along the Interstate 85 South Corridor about 30 miles southwest of Hartsfield-Jackson Atlanta International Airport, and within a two-hour flight of 80% of the US population. Newnan Distribution Center borders an active CSX rail line that provides direct access to the Fairburn Intermodal Terminal, Atlanta's intermodal gateway to the South and West.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
