Last-mile Atlanta-area portfolio sells for $26.9M
JLL Capital Markets closed the sale of a four-property infill industrial portfolio to two separate investors
ATLANTA, Feb. 3, 2022 – JLL Capital Markets announced today that it has closed the $26.9 million sale of a four-property industrial portfolio totaling 278,558 square feet across Atlanta’s northern suburbs.
JLL marketed the property on behalf of the seller, Tamarack Investments, who sold the portfolio to two buyers. Faropoint acquired three assets, 4680 North Royal Atlanta Dr. in Tucker, 5121 Buford Hwy. in Norcross and 2100 Boggs Rd. in Duluth, and Denali Investment Group purchased the property at 1420 Redi Rd. in Cumming.
Each property is in a densely populated and well-established Atlanta Industrial submarket, including the Northeast, I-20 East and North Central, all of which are experiencing increased demand for infill, last-mile industrial product. The properties are all less than five miles from the area’s major logical thoroughfares, including Interstates 85, 75 and 985 and GA-400. Additionally, they are all within 36 miles of the Atlanta CBD, three of which are within 25 miles.
Currently 80 percent leased on a triple-net-lease basis, the single-tenant buildings offer a variety of uses, from light industrial to manufacturing and processing. They were constructed between 1986 and 1991 and feature multiple loading positions, clear heights ranging from 18 to 30 feet, ample office finish and parking and varying building depth.
The JLL Capital Markets Investment Sales and Advisory team that represented the seller was led by Matt Wirth, Dennis Mitchell, Britton Burdette and Jim Freeman.
“The portfolio was defined by the building locations in very dense, suburban, infill locations, and the ownership group was flexible about selling as a portfolio or in multiple transactions,” Freeman said. “Ultimately, the process resulted in two buyers for two different segments of assets, one with stabilized buildings and significant mark-to-market potential, and another with near-term vacancy and a compelling lease-up opportunity to create value.”
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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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 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Tamarack Investments
Tamarack Investments, LLC (“Tamarack”) is a privately held real estate investment company based in Atlanta, Georgia, and serves as the investment manager for high-net-worth individuals, trusts and family offices looking to invest in commercial real estate. Tamarack seeks to acquire, develop and reposition commercial real estate projects in the Southeastern United States that have the potential of delivering superior, risk-adjusted returns to investors. For additional information, please email firstname.lastname@example.org.
Faropoint is a vertically integrated, data-driven real estate asset manager that leverages data and deep market relationships to achieve superior risk-adjusted returns. Faropoint targets inefficiencies in the marketplace that can be solved with technology and scaled to create meaningful positions using cutting-edge, proprietary, real estate underwriting and portfolio management methods. The company invests in markets with strong demographics and high construction barriers to entry, such as Atlanta, Dallas, Philadelphia, Chicago, Tampa, Miami and northern New Jersey. As part of its strategy, Faropoint aggregates its individual industrial warehouse acquisitions into sought-after, institutional-quality portfolios. Faropoint currently owns and manages more than 20 million square feet of industrial assets.
About Denali Investment Group
Denali Investment Group, LLC (“Denali”) is a leading real estate investment firm focused on transforming commercial properties in the Sunbelt region. They aim to maximize returns by adding value to properties through innovative renovation and leasing strategies. Denali provides creative and proven solutions, creating positive outcomes for their clients and the community at large.