Atlanta-area flex park in last-mile location sells
JLL Capital Markets closed the sale of the 9-building office and industrial park in Norcross to Westmount Realty Capital, LLC
ATLANTA, Feb. 28, 2022 – JLL Capital Markets announced today that it has closed the sale of Plaza 85 Business Park, a nine-building industrial, office and flex park totaling 191,526 square feet in the Atlanta-area community of Norcross, Georgia.
Plaza 85 Business Park offers its diverse roster of 43 tenants a versatile set of suites, clear heights ranging from 12 to 18 feet, both dock-high and drive-in doors and a combination of rear- and front-loading configurations. Since acquiring the property in a JLL-brokered transaction in 2020, the seller executed a property improvement plan that resulted in exterior and interior upgrades, new roofs on some buildings and executive suit build out.
The park is situated on 13.8 acres at 5970-6040 Unity Dr. in the Northeast Atlanta Industrial submarket, Atlanta’s most infill industrial submarket. Additionally, the park is directly on and has immediate access to Interstate 85, the industrial backbone of the Southeast, which provides connectivity to Atlanta’s five major thoroughfares. This critical, last-mile location also allows tenants to access more than 5 million people within a 60-minute drive and access to 80 percent of the U.S. population within a two-day drive.
“JLL was an essential partner both to help acquire the property 16 months ago and to sell it now,” said Elmo Enterprises Managing Partner Michael Godin, who directed the transaction for Elmo. “They were key to the success of this story.”
The JLL Capital Markets team representing the seller was led by Dennis Mitchell, Matt Wirth, Britton Burdette, Mitchell Townsend and Bo Osgood.
“Companies of all sizes are competing for locations that provide exceptional connectivity to I-285 and Atlanta’s high-income intown demographics,” Mitchell said. “Demand is driving higher market occupancy, fewer options for tenants and increasing rents. Plaza 85 provides this access and recent upgrades give the development a competitive edge.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit our newsroom.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Elmo Enterprises
Elmo Enterprises is a private Atlanta-based real estate investment management firm. It specializes in repositioning underperforming industrial and office properties in the metro-Atlanta area. Elmo is highly specialized in creating functional, move-in ready spaces to improve the leasing and rental experience for its tenants, and to create strong returns for its investors.
About Westmount Realty Capital, LLC
Westmount Realty Capital, LLC is a time-tested, privately held, Dallas-based commercial real estate company that has achieved exceptional performance, with a core team in place, for more than 30 years. Westmount is seen as an innovator and leading-edge company in the industry and is a relationship-driven trusted operating partner of numerous U.S. and foreign institutional and private capital sources. The company is active within the U.S., specializing in value add and opportunistic investments, and has navigated successfully through multiple market cycles. For additional information, contact westmountrc.com.