Mission-critical industrial facility in Georgia sold

JLL Capital Markets closed the sale of property in a key distribution location

August 11, 2020

ATLANTA, August 11, 2020 – JLL Capital Markets announced today that it has closed the $43.9 million sale of an 811,000-square-foot distribution center at 860 John B. Brooks Rd. leased to Bed Bath & Beyond in the northeast Georgia community of Pendergrass.

JLL worked on behalf of the seller, Oak Street Real Estate Capital, LLC, while an unnamed institutional investment group purchased the asset.

The distribution center is situated on 62 acres along Interstate 85, which is the industrial backbone of the southeastern United States. It is less than 70 miles from Hartsfield-Jackson Atlanta International Airport, the busiest airport in the world. The asset features tilt-up construction, 32-foot clear heights and a cross-dock configuration. It is a mission-critical distribution hub for Bed Bath & Beyond.

The JLL Capital Markets team representing the seller was led by Alex Sharrin, Britton Burdette, Brian Shanfeld, Matt Wirth and Dennis Mitchell.

“Industrial-oriented net-lease real estate has seen a much more muted sensitivity to the overall volatility in the commercial real estate marketplace,” Sharrin said. “Bed Bath & Beyond’s e-commerce and distribution center in Pendergrass sits at the nexus of strong intrinsic real estate value and credit, providing for a stable investment opportunity.”

“The buyer was attracted to the mission-critical operation, which servers the growing e-commerce business segment of the tenant along with the strong location and building attributes,” Burdette added. “This transaction highlights the continued growth in demand for quality industrial assets in the Atlanta market.”

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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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 $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About Oak Street Real Estate Capital, LLC

Oak Street Real Estate Capital, LLC (“Oak Street”) is a real estate investment firm focused on acquiring properties net-leased to investment grade rated tenants. Oak Street specializes in providing unique and flexible capital solutions to a variety of organizations including corporations, healthcare systems, universities and government entities.