JLL completes $34.7M sale of a Georgia Industrial portfolio
The fully leased portfolio is in the Atlanta and Savannah markets
ATLANTA, February 4, 2020 – JLL Capital Markets announced today that it has closed the $34.7 million sale of a five-property, fully leased, single-tenant warehouse and distribution portfolio totaling 924,036 square feet in Atlanta and Savannah, two major and interconnected industrial markets in Georgia.
The portfolio is comprised of two Atlanta-area properties in Shannon and Covington, both of which can be expanded, as well as three Savannah-area properties. Each property in the portfolio is in an up-and-coming submarket, including Atlanta’s I-20 East and Northwest Industrial and Savanah’s Midway Industrial submarkets. The portfolio features clear heights ranging from 20 to 40 feet, 66 dock-high doors and low office finish. Another +/- 60 acres of land adjacent to the Shannon property was retained by the seller, which can develop up to 750,000 square feet.
The JLL Capital Markets team representing the Seller was led by Managing Directors Britton Burdette, Matt Wirth and Pete Pittroff; Senior Managing Director Dennis Mitchell; Director Patrick Nally; and Associate Crosby Taylor.
“The Georgia Industrial portfolio is a perfect example of investors’ growing appetite for below replacement cost industrial assets within strong performing market with a high growth outlook,” Burdette 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. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Hight|Knox Properties
Hight|Knox is a real estate investment firm based out of Atlanta and owned by Phillip Hight and Hardman Knox. HK acquired the five building Georgia Industrial Portfolio as mostly vacant and made the decision to sell the assets once they were fully leased. Hight|Knox is currently building their second portfolio of industrial assets.
About Plymouth Industrial REIT, Inc.
Plymouth Industrial REIT, Inc. is a vertically integrated and self-managed real estate investment trust focused on the acquisition and operation of single and multi-tenant industrial properties located in secondary and select primary markets across the United States. The company seeks to acquire properties that provide income and growth that enable the company to leverage its real estate operating expertise to enhance shareholder value through active asset management, prudent property re-positioning and disciplined capital deployment.