ATLANTA, GA – Real estate company Adler Real Estate Partners has acquired a three-property light industrial and flex portfolio, totaling 172,881 square feet of space in the Atlanta area.
The firm purchased the fully-leased portfolio from real estate investment and property services firm Geneva Group for $28.1 million.
The multi-tenant portfolio is fully occupied by eight tenants representing diverse industries.
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Spanning 13.1 acres, the industrial portfolio comprises a 46,808-square-foot light industrial building at 1965 Vaughn Rd. in Kennesaw, GA; a 61,073-square-foot light industrial building at 4955 Avalon Ridge Pkwy. in Norcross, GA; and a 65,000-square-foot flex property at 1155 Roberts Blvd. in Kennesaw, GA.
The rear-load light industrial properties feature 22-foot clear heights, 27 dock-high doors, four drive-in doors and an average 3.5 years of weighted remaining lease term. The two properties were built in 1992 and 1996. The flex asset, built in 1991, is occupied by two global tenants with more than six years of weighted average remaining lease term.
Located in dense, infill areas in the northern Atlanta metropolitan area, the properties area situated near Interstate 85 and Interstates 75. The average household income within the area is more than $107,000 for the Norcross asset and more than $97,000 for Kennesaw properties.
JLL capital markets marketed the property on behalf of the seller and closed the sale. The firm's investment sales and advisory team, led by Matt Wirth, Ralph Smalley, Jim Freeman and Max Coffin, represented the seller in the transaction.
"The portfolio was defined by the building locations in very dense, suburban, infill locations, and the ownership group was flexible about selling as a portfolio or in multiple transactions," says Wirth. "Ultimately, the complete portfolio was awarded to a single buyer with an investment thesis that matches the entire profile of the offering."
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
