Infill Atlanta light industrial complex sells for $10.4M
JLL Capital Markets closed the sale of a 5-building multi-tenanted complex in an irreplaceable location within Atlanta’s I-285 perimeter
ATLANTA, August 17, 2021 – JLL Capital Markets announced today that it has closed the $10.4 million sale of Whittier Mill Complex, a five-building, multi-tenanted, light industrial complex totaling 81,409 square feet in an irreplaceable infill location within the I-285 perimeter of Atlanta, Georgia.
JLL marketed the property in partnership with a Foundry Commercial leasing team on behalf of the seller, SilverCap Partners. CapRidge Partners acquired the asset.
Whittier Mill Complex currently serves a variety of uses, including warehouse, distribution and showroom for its nine tenants. The buildings, which were recently updated and are 95 percent leased, feature suite sizes ranging from 4,000 square feet to 18,000 square feet with a variety of loading configurations.
Situated on 4.02 acres at 2124-2140 James Jackson Parkway NW, Whittier Mill Complex is in the Atlanta MSA’s I-285 perimeter, providing tenants the ability to reach more than 1.6 million people in under 30 minutes. Located within one mile of two different I-285 interchanges, as well as proximity to Buckhead, Midtown and the northwest Atlanta suburbs, Whittier Mill Complex provides exceptional access to Atlanta’s consumers and business community. This infill location is surrounded by a strong amenity and consumer base that fills a niche of highly desired – yet difficult to find – product type for a wide variety of tenants.
The JLL Capital Markets investment sales advisory team representing the seller was led by Matt Wirth, Dennis Mitchell, Britton Burdette and Jim Freeman. The Foundry Commercial leasing team included Jordan Camp and Reid Hanner.
“Whittier Mill is in an incredible location inside of I-285 surrounded by high-quality residential property,” Wirth said. “The SilverCap team, along with Foundry on the leasing assignment, had a vision for repositioning the asset and executed the game plan perfectly, proving out the opportunity to really push rates and attract very high-quality tenants. CapRidge is a great fit to continue the execution.”
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 $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About SilverCap Partners
SilverCap Partners is a real estate private equity firm focused on the Southern Sunbelt region of the United States. The firm's expertise crosses multiple property sectors with a predominant focus on industrial, residential and office investments. SilverCap operates in segments of the real estate market where it has high conviction in the long-term demand drivers and believes a combination of capital and operational expertise can serve as a positive catalyst for future value.
About CapRidge
CapRidge Partners is a fully integrated operating company with decades of experience focused on value-add real estate investments in growth markets. Their long tenure in the industry has helped them develop strong relationships with investment sales brokers, lenders, and owners in their markets.
By utilizing their investment and operational expertise during underwriting, the business plan can be crafted based on realistic expectations and capabilities. Vertical integration maximizes return for investors due to the seamless communication between the operations and investment teams throughout the lifecycle of an asset. Their culture of customer service, disciplined processes, and a long track record of “doing what we say we will do” have helped them craft a reputation they take great pride in.
About Foundry
Foundry Commercial has is a regionally focused real estate operating company with over 400 real estate professionals, more than 60 million square feet of projects in 12 offices over seven states covering the Southeast U.S.