Ackerman Buys Pattillo's Massive Stone Mountain Portfolio
Ackerman & Co has just made a huge industrial play in Atlanta thanks to Pattillo Commercial Real Estate.
Sources tell Bisnow the firm purchased a massive portfolio of more than 4M SF of industrial space in Stone Mountain that Pattillo has been marketing for some months. We previously reported here about the portfolio's offering.
These are Pattillo's heritage properties—a vast amount of multi- and single-tenant industrial space in a market that has not seen much new product delivered in years. Sources say pricing is around $135M for the more than 60 industrial buildings, or some $33/SF.
This marks a big jump into industrial real estate for Ackerman, which has played in the sector on and off for some time, including its successful Gateway sale back in the recession. Most recently, Ackerman has been developing Stadium Walk in Cobb County, a mixed-use project that's a stone's throw from SunTrust Park. Officials with Pattillo and Ackerman did not return calls seeking comment.
