This Week's Atlanta Deal Sheet: Ackerman Beefs Up I-20 Industrial Portfolio
Ackerman & Co. is expanding its industrial holdings with the purchase of a 212K SF warehouse in Conyers.
The local commercial real estate firm purchased 2020 East Park Drive on the Interstate 20 corridor from Dayton Street Partners. Ackerman Senior Vice Presidents Brett Buckner and Chris Miller have been tasked with leasing the property, which was built in 2022 completely on spec.
This is the latest investment in industrial real estate made by Ackerman in recent years. In 2017, it developed a 1M SF warehouse called Braselton Logistics Center that was leased by Uline. Ackerman also built Rockdale Technology Center, a five-building collection of Class-A industrial warehouses totaling 1M SF.
SALES
EverWest Real Estate Investors purchased two newly constructed warehouses at 9485 Highway 42 North in Rex, Georgia, from Inlight Real Estate Partners. The buildings, which total 271K SF, sit on 21 acres less than a mile from Interstate 675 near Hartsfield-Jackson Atlanta International Airport. Inlight purchased the land for $2M last year, according to Henry County property records.
JLL Senior Managing Directors Britton Burdette, Dennis Mitchell and Matt Wirth, directors Mitchell Townsend and Jim Freeman, Executive Managing Director Stephen Bridges and senior associate Kimani Mustafa brokered the sale.
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Last Mile Investments purchased Merchant’s Festival, a 54K SF retail center in Marietta on the same property as Target. A fund run by Crow Holdings Capital sold the property for an undisclosed price. According to Cobb County property records, Crow Holdings purchased Merchant’s Festival, which counts Verizon, Orangetheory Fitness and Which Wich among its tenants, for $17.6M in 2018.
JLL Senior Managing Director Jim Hamilton, Managing Director Brad Buchanan and production coordinator Anton Serafini brokered the sale.
PERSONNEL
The RADCO Cos. has hired Chris Simon as senior vice president of RADCO Residential management service operations, tasking him with overseeing daily operations of the firm’s multifamily portfolio of owned and managed assets. Simon comes to RADCO from Toll Brothers, where he was vice president of operations overseeing 37,000 multifamily units.
DEVELOPMENT
Roswell-based Longleaf Commercial Properties is proposing to develop 869K SF across two distribution facilities on 92 acres in Newton County, according to an application with the Georgia Department of Community Affairs. The $108.6M project is slated to be called the Newton County Logistics Center and is projected to contribute more than $720K in tax revenues a year to the county, according to the application. Build-out is projected in June 2025.
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Northside Hospital and Physicians Realty Trust are breaking ground next week on a 10K SF medical office building across from The Exchange at Gwinnett and adjacent to Coolray Field, according to a release. The MOB represents the third structure at Northside Hospital Gwinnett’s campus and will include outpatient imaging, primary care, cardiology and orthopedics. It’s expected to deliver next summer.
FINANCE
Wells Fargo Bank has provided $90M in financing to MDH Partners to support the developer’s purchase of Great Valley Commerce Center, a 973K SF distribution center outside of Atlanta, and a 600K SF warehouse in Houston.
The funding allows MDH to expand its loan to $183M, and is built into MDH’s Funds II program, which has $2B in buying power. The fund is 80% invested in industrial purchases and developments across the U.S.
JLL Senior Managing Director Chris Drew and Senior Director Maxx Carney represented MDH, while Wells Fargo Managing Director Melissa Frawley and Senior Portfolio Manager Steve Hinkle originated the loan for the bank.
