JLL closes sale of Atlanta light industrial property
The two-building property is between Buckhead and Midtown
ATLANTA, March 18, 2020 – JLL Capital Markets announced today that it has closed the sale of Piedmont Warehouses, a two-building, shallow-bay, light industrial property totaling 120,800 square feet in an irreplaceable, urban, in-fill location in Atlanta, Georgia.
JLL marketed the property on behalf of the seller, a partnership between Weaver Capital Partners and The Seng Company. An undisclosed buyer purchased Piedmont Warehouses.
Situated on 5.6 acres at 2091-2241 Faulkner Rd., the property is positioned directly between the Buckhead and Midtown central business districts and is surrounded by affluent neighborhoods with increasing residential density. Infill industrial product close to the urban core is rapidly diminishing as buildings are repurposed or demolished for other uses, and Piedmont Warehouses represents one of the few remaining options for functional distribution space serving small and mid-size tenants. Immediate access to Interstates 85 and 75 and GA-400 connects the properties to the entire Atlanta MSA and enables tenants to reach more than two million people in under 30 minutes. The buildings were renovated in 2018 and feature 34 dock-high doors, 16-foot clear heights, 25% office finish and numerous suites with air-conditioned warehouse space.
The JLL Capital Markets team representing the seller was a combined effort between the Industrial and Office Investment Advisory groups based in Atlanta.
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 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Weaver Capital Partners
Formerly a founding principal of Weaver & Woodbery Company, Jay Weaver has developed, repositioned and operated dozens of diverse office, industrial, retail and residential projects throughout the southeast. Weaver Capital Partners focuses on retail, industrial, mixed-use and office properties in the southeast markets and develops or repositions those properties to add maximum value.
About The Seng Company
The Seng Company is a private real estate investment firm that is active in acquiring or capitalizing commercial and residential real estate in the Southeast. The firm seeks opportunistic and value-add investments across all major commercial property types, including office, industrial, retail, residential, hotels and mixed-use projects. While applying its strict investment discipline, The Seng Company has the ability to provide capital in a broad range of debt or equity structures and positions within a project’s overall capitalization. The firm’s success in realizing attractive risk-adjusted returns is rooted in its adherence to an investment discipline focused on value and risk control.