JLL closes $33.5M sale of Atlanta distribution center
Summit Real Estate Group acquired the award-winning, Class A facility
ATLANTA, May 12, 2020 – JLL Capital Markets announced today that it has closed the $33.5 million sale of Creekside Distribution Center, a 538,500-square-foot, Class A, award-winning urban infill distribution facility in the heart of Atlanta, Georgia.
JLL marketed the property on behalf of the seller, a joint venture between Solution Property Group and Singerman Real Estate. Summit Real Estate Group purchased the asset, their eighth industrial property in Atlanta since 2014.
After Creekside Distribution Center was redeveloped in late 2016, it won the Associated General Contractors of Georgia “Build Georgia” award and was nominated for Atlanta Business Chronicle ‘Best of the Best’ development project award. It is the only institutional-quality square foot distribution center larger than 50,000 square feet built after 2000 within five miles of Atlanta’s center and the only industrial asset larger than 300,000 square feet constructed inside the I-285 perimeter since 2003. The property’s state-of-the-art features include concrete tilt-wall construction, 32-foot minimum clear height, wide column spacing, 85 dock-high doors, five drive-in doors, ESFR fire suppression and expandable parking.
Situated on 32 acres at 2110-2135 Lawrence Avenue East Point, Creekside Distribution Center is in the geographic core of Atlanta and is five minutes from the intersection of Interstates 85 and 75, placing it with great access to Atlanta’s primary and most traveled interstate. The center is proximate to Hartsfield-Jackson International airport, the world’s most traveled airport.
The JLL Capital Markets team representing the developer was led by Senior Managing Director Dennis Mitchell, Managing Directors Britton Burdette and Matt Wirth and Associate Brent Bono.
“In conjunction with SPG’s visionary positioning and high-quality execution of this project, the asset’s irreplaceable in-town location near some of Atlanta’s largest value drivers provides the buyer with a great opportunity to add value that will perform excellently for them well into the future,” 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 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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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, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Solution Property Group
Started in 2001, Solution Property Group, LLC, is a commercial real estate firm specializing in opportunistic investment with stabilized costs well below replacement value. The firm’s geographic focus is in Southeastern growth markets. For more information, visit solutionpg.com.
About Singerman Real Estate
Singerman Real Estate is an opportunistic real estate investment firm that has deep experience executing complex transactions and unlocking embedded value through ownership of properties, real estate loans, and operating companies. SRE focuses on maximizing risk-adjusted returns through investments in both debt and equity across all major asset classes including office, retail, hotel, industrial, and multifamily, in addition to secondary real estate classes including student housing and senior housing. Since 2010, SRE sourced and executed, with partners, over $2.7 billion of investments across the major property types.
About Summit Real Estate Group
Summit Real Estate Group (Summit) is an independent, partner-led commercial real estate company. Summit focuses on delivering superior results to its investors by acquiring, developing and managing institutional-grade assets in select markets throughout the United States. Summit’s current assets are located in Texas, Georgia and Florida. They have acquired, sold and/or developed over $150,000,000 in transactions in Atlanta since 2014. Visit summitstl.com to learn more.