News release

Atlanta light industrial business park trades for $38.5M

JLL Capital Markets closed the sale of the four-building park to Albany Road Real Estate Partners

December 10, 2020

ATLANTA, December 10, 2020 – JLL Capital Markets announced today that it has closed the $38.5 million sale of a four-building light industrial business park totaling 281,677 square feet in an infill location in Atlanta’s Cumberland Galleria submarket.

JLL worked on behalf of the seller, a joint venture between The Ardent Companies, Taconic Capital Advisors and Axonic Capital. Albany Road Real Estate Partners purchased the asset through Albany Road Fund III, a closed-end vehicle with $225 million committed to date.

Situated on 22.7 acres at 120 Interstate Northwest, the portfolio is in the heart of the $3.5-billlion Cumberland Community Improvement District corridor, which is at the interchange of interstate 75 and 285. The location allows easy access to Atlanta’s most affluent demographics and schools along with the densest population centers. The Cumberland-Galleria area is highly amenitized and hosts an institutional business community that includes The Battery: one of Atlanta’s premier mixed-use projects of the last decade.

The property is 87 percent leased to 36 tenants and consists of 43 suites with an average size of 6,545 square feet. Since 2016, the park has undergone a multi-million-dollar renovation and features 14- to 18-foot clear heights, new roofs, 34 dock-high doors, 39 grade-level roll ups and ample parking.

The JLL Capital Markets team representing the seller was led by Dennis Mitchell, Matt Wirth, Britton Burdette and Crosby Taylor.

“120 Interstate Northwest is a survivor that has escaped redevelopment,” Mitchell said. “The property is a high-quality institutionally owned and managed asset providing excellent value to the infill light industrial tenant. The tenants require industrial function but also demand a high-end location that offers employees excellent access and a wide variety of amenities.”

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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

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 $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About The Ardent Companies

Ardent is an Atlanta-based, privately held real estate firm focused on opportunistic and diversified investment strategies. With significant industry experience and a demonstrated track record, Ardent leverages its established relationships and capital flexibility to attain a diverse set of risk-adjusted investments. The firm seeks opportunities with an innovative and disciplined approach, making material co-investments alongside operating partners for maximum alignment. As the firm continues to build upon its infrastructure, portfolio, and footprint, Ardent is committed to creating a positive impact on its employees, investors and communities.

About Taconic Capital Advisors

Taconic Capital is a global institutional investment firm that pursues an event driven, multi-strategy investment approach dedicated to generating strong risk-adjusted returns over multiple market cycles. Taconic was founded in 1999 by former Goldman Sachs partners, Frank Brosens and Ken Brody. The company has offices in New York, London and Hong Kong with over 100 employees worldwide. Taconic Capital oversees over $8.0 billion in total assets under management spread across 16 accounts, all of which are fully discretionary. Taconic’s real estate holdings include over $2.0 billion of assets totaling approximately 20,000,000 square feet of commercial properties.

About Axonic Capital

Axonic Capital is a New York City-based investment advisor pursuing opportunistic strategies across multiple fixed income investment verticals including commercial real estate debt and equity, structured credit and systematic rate arbitrage. Axonic and its affiliates currently manage approximately $3.6 billion in assets and employ 51 full-time professionals.

Axonic’s commercial real estate exposure represents approximately 65% of total assets and employs an event-driven investment approach that seeks to unlock value by repositioning well-located assets that have been mismanaged on either a property or capital markets basis. Axonic’s Commercial Real Estate Investment Team currently owns approximately six million square feet.

About Albany Road Real Estate Partners

Boston-based Albany Road was established in July 2012 to deliver attractive risk-adjusted and tax efficient returns to its high net worth and family office investors. Following an initial focus on opportunities in the Northeast, the firm expanded its reach into the Southeast and Southwest with the opening of offices in both Nashville and Dallas, and subsequent acquisitions in Tennessee, Georgia, North Carolina, South Carolina, Texas, Florida and Arizona.

Since its inception, the firm has made 50 investment totaling $1.3 billion in gross asset value and approximately 11.5 million square feet. Albany Road is completing the raise of Fund III, which will likely be between $200 and $250 million in size.