News release

Industrial portfolio in Atlanta and Jacksonville markets sells for $49M

JLL Capital Markets closed the sale of the two-property portfolio to Principal Real Estate Investors

March 15, 2022

Kimberly Steele

Occupier PR
+1 713 852 3420

ATLANTA, March 15, 2022 – JLL Capital Markets announced today that it has closed the $49 million sale of a two-property industrial portfolio totaling 367,820 square feet of last-mile distribution and production space in infill Atlanta, Georgia, and Jacksonville, Florida, markets.

JLL marketed the property on behalf of the seller, Rooker. Principal Real Estate Investors acquired the assets. Additionally, JLL leased the Jacksonville property on behalf of the seller.

The institutional-quality portfolio comprises the 212,000-square-foot facility at 2650 Button Gwinnett Dr. in Doraville, Georgia, and 155,820-square-foot facility at 4345 Perimeter Industrial Parkway North in Jacksonville. Constructed in 1987, 2650 Button Gwinnett Dr. is fully leased to UPS and EPI Breads and features a rear-load configuration, 28-foot clear height, 35 dock-high doors, ESFR fire protection, modern office space and ample parking. The property is in the northeast part of Atlanta’s sprawling MSA proximate to key thoroughfares, including Interstates 285, 85, 20, 675 and 75, allowing the tenants access to 1.89 million people within a 30-minute drive.

4345 Perimeter Industrial Parkway North is home to two tenants, Home Depot and JW Logistics, who use the property for their last-mile distribution strategy. The building was constructed in 2019 and offers a rear-load configuration, 32-foot clear height, 44 dock-high doors, two drive-in doors, LED lighting, ESFR fire protection, office finish and 25 box truck parking stalls. Tenants have access to a dense regional population with easy connectivity to Interstates 295, 10 and 95. Additionally, the Port of Jacksonville, Jacksonville International Airport (JAX) and downtown Jacksonville are all within 14 miles.

The JLL Capital Markets Investment Sales and Advisory team that represented the seller was led by Matt Wirth, Luis Castillo, Dennis Mitchell, Britton Burdette, Jim Freeman and Cody Brais, along with Luke Pope and Brad Pope with the JLL Industrial Brokerage team. 

"This package was available to sell either separate or together, but ultimately the scale of the combined offering drew significant institutional investor interest,” Wirth said. “It has an attractive balance between a very stable Atlanta building constructed with 'ahead-of-its time’ specifications in an irreplaceable, infill Doraville location and a new construction asset in Jacksonville with two e-commerce tenants in place, along with upside through leasing the vacancy. Jacksonville is evolving and is quickly becoming a core southeast market."

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.

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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 $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


ROOKER is a full-service real estate development, design, and construction management firm specializing in the industrial, office, and government segments. Since its founding in 1968, the company has developed and constructed more than 55,000,000 square feet of Class-A industrial and office space. ROOKER’s industrial holdings include 2000 acres of land for future development in high-growth markets across the Southeastern United States. For more information, please visit   

About Principal Real Estate Investors 

Principal Real Estate Investors is the dedicated real estate investment group within Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®. As a top 10 global real estate manager[1], Principal Real Estate Investors has more than 60 years of real estate investment experience[2]. The firm’s capabilities span the spectrum of public and private equity and debt investments, and it manages or sub-advises $105 billion in commercial real estate assets (as of December 31, 2021).

[1][1] Managers ranked by total worldwide assets (net of leverage, including contributions committed or received, but not yet invested, REIT securities are excluded), as of 30 June 2021. “The Largest Real Estate Investment Managers,” Pensions & Investments, 4 October 2021.

[2] Principal Real Estate Investors became registered with the SEC in November 1999. Activities noted prior to this date were conducted beginning with the real estate investment management area of Principal Life Insurance Company and, later, Principal Capital Real Estate Investors, LLC, the predecessor of Principal Global Investors Real Estate.