JLLIPT Picks Up Single-Tenant Northeast Atlanta Distribution Center for $54M
JLL Income Property Trust has acquired the Northeast Atlanta Distribution Center, a 458,000-square-foot, Class A industrial property. The asset is in Jefferson, GA, part of the Northeast Atlanta industrial submarket.
The recently constructed, long-term leased, single-tenant warehouse was acquired off-market for approximately $54 million. It carries a seven-year lease term with 3% annual rent escalations.
“Northeast Atlanta Distribution Center is an excellent fit within our geographically diversified industrial portfolio given its location near irreplaceable transportation infrastructure, Class A construction and the positive dynamics of Atlanta’s industrial market,” said Allan Swaringen, JLLIPT president and CEO. “The Northeast Atlanta industrial submarket has seen exceptional rent growth, leading the way for all of Atlanta’s submarkets.”
The submarket is Atlanta’s largest and benefits from proximity to I-85 and accessibility to Atlanta, the Carolinas, TN and FL. According to LaSalle data, it experienced 11.3% industrial rent growth and 39% rent growth over the past five years.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.