Fully leased distribution facility near Atlanta trades for $27.35M
JLL Capital Markets closed the sale of the industrial property in Braselton
ATLANTA, Jan. 5, 2022 – JLL Capital Markets announced today that it has closed the $27.35 million sale of a fully leased, 455,602-square-foot bulk distribution facility at 1001 Cherry Dr. in the Atlanta-area community of Braselton, Georgia.
Completed in 1985 and expanded in 1996, the fully leased property is triple net leased to two tenants, YearOne, Inc. and TransSouth Logistics. The building features clear heights ranging from 22 to 28 feet, 45 dock-high doors, eight drive-in doors and 486 auto spaces. The 30.5-acre site provides excess land for potential building expansion and/or additional outdoor/trailer storage.
1001 Cherry Dr. is situated adjacent to Interstate 85 in Braselton, which is an eastern Atlanta suburb. This location is only .2 miles from exit 129 off of Interstate 85, the industrial backbone of the Southeast, and has easy access to the rest of Atlanta’s essential transportation infrastructure, including Interstates 985, 285, 75 and 20, which allows the tenants to reach more than 2.9 million residents within a 60-minute drive. Additionally, the property is 56 miles from Hartsfield-Jackson Atlanta International Airport.
The facility is within the Northeast Atlanta Industrial submarket, one of the region’s most sought-after industrial submarkets and the largest in the Atlanta metro. According to JLL Research’s Atlanta Industrial Insight report, the submarket had a low vacancy of 5.1 percent at the end of the third quarter of 2021. With more competition for space and vacancies moving extremely fast, rental rates and concessions for the Atlanta Industrial market as a whole continue to increase.
The JLL Capital Markets Investment Sales and Advisory team that represented the seller was led by Dennis Mitchell, Matt Wirth, Mitchell Townsend and Britton Burdette.
“This transaction represents the high demand for well-located industrial assets in the booming Northeast Atlanta submarket and, furthermore, demand for assets with expansion capabilities with the opportunity for additional value creation,” Dennis Mitchell said.
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 $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Foxfield Industrial
Foxfield Industrial, a joint venture between Novaya Real Estate Ventures and Foxfield Ventures, is a real estate operating company focused on the acquisition and operation of industrial properties throughout the Mid-Atlantic and the Southeast United States. The partnership aims to provide compelling, absolute investment returns while maintaining a margin of safety.
Foxfield and its affiliates currently manage three million square feet in existing assets and development projects. Learn more at Foxfieldindustrial.com or follow Foxfield on Instagram: @foxfieldindustrial, LinkedIn or Twitter @foxfieldind.
Growth Capital Partners is a real estate investment holding and management firm headquartered in Birmingham, Alabama, with offices in Atlanta, Georgia, and Jacksonville, Florida. GCP is creating value for investors in its Fund II portfolio with its strategy of acquiring highly functional industrial properties in demographically attractive, supply constrained locations. The quality of the assets in the portfolio, combined with an exceptional management team, generates consistent, risk-adjusted returns for its investors.