Adler Real Estate Pays $50M for Atlanta Industrial Park
Albany Road Real Estate Partners has sold 120 Interstate NW, a four-building, 281,677-square-foot light industrial business park in Atlanta. Adler Real Estate Partners acquired the asset for $49.6 million with the help of a $29.7 million loan from Delta Community Credit Union, CommercialEdge data shows.
JLL represented the seller in the deal and also arranged the acquisition financing for the buyer. The campus was 97 percent leased to 35 tenants at the time of sale.
The news comes on the heels of Adler’s purchase of Valley Business Center, a 204,981-square-foot industrial property in Denver. The company paid $37.7 million for that park.
An Atlanta business park
The property previously traded in November 2020 for $38.5 million, according to CommercialEdge data. Completed in 1978, the almost 23-acre park features climate-controlled buildings, 75- to 100-foot truck courts, 32 dock-high loading doors, 22 drive-in doors and about 625 parking spaces.
The industrial campus provides easy access to interstates 75 and 85 and is less than 3 miles from downtown Atlanta. Hartsfield-Jackson Atlanta International Airport is 12 miles southwest.
The JLL Investment Sales and Advisory team comprised Senior Managing Directors Matt Wirth, Dennis Mitchell and Britton Burdette alongside Director Jim Freeman. Senior Managing Director Melissa Rose, Senior Director Bobby Norwood and Director Hunter Goldberg arranged the acquisition financing.
Calm waters for Atlanta’s industrial sector
Atlanta’s industrial sector saw $407 million in sales year-to-date as of May, according to the latest CommercialEdge report. Assets in the metro traded for $112 per square foot on average, below the $142 national figure. Additionally, the market’s development pipeline saw a small uptick in the last year, in line with the commercial real estate trends.
In one of the largest deals of the interval, Global Logistic Properties paid $77.5 million for the first phase of King Mill Distribution Park, a 846,496-square-foot warehouse in McDonough, Ga. The price per square foot equated to $91.55, below the market’s median value.
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