News release

Multi-tenant light industrial and flex-office portfolio sells in infill Atlanta submarkets

JLL Capital Markets completed the sale of the three-building portfolio in Kennesaw and Norcross, Georgia

June 13, 2022

Kimberly Steele

Capital Markets, Agency Leasing and Valuation Advisory PR
+1 713 852 3420

ATLANTA, June 13, 2022 – JLL Capital Markets announced today that it has closed the $28.1 million sale of a three-property, multi-tenant, fully leased, light industrial and flex portfolio totaling 172,881 square feet in the Atlanta-area communities of Kennesaw and Norcross, Georgia.

JLL marketed the property on behalf of the seller, Geneva Group. Adler Real Estate Partners acquired the assets.

The portfolio comprises the 46,808-square-foot light industrial building at 1965 Vaughn Rd., the 61,073-square-foot light industrial building at 4955 Avalon Ridge Parkway in Norcross and the 65,000-square-foot flex property at 1155 Roberts Blvd. in Kennesaw. The portfolio is home to eight tenants representing diverse industries, some of which use their space for mission-critical operations. Completed between in 1992 and 1996, the rear-load light industrial buildings offer 22-foot clear heights, 27 dock-high doors, four drive-in doors, and approximately 3.5 years of weighted average remaining lease term. The flex asset was built in 1991, has two globally recognized tenants with over 6 years of weighted average remaining lease term, and high-quality build-out with modern features.

Spanning 13.09 acres, the properties are in dense, infill areas within the northern part of the Atlanta MSA and less than five miles from major logistical thoroughfares, including Interstates 85 and 75. The average household income within a 10-minute drive is over $107,000 for the Norcross asset and over $97,000 for Kennesaw properties. The buildings are positioned in the infill Northwest and Northeast Industrial submarkets where it’s possible to attract high-quality tenants and also serve the last-mile demands for e-commerce fulfillment due to proximity to a strong labor force, affluent average household income and abundant nearby amenities.

The JLL Industrial Capital Markets Investment Sales and Advisory team that represented the seller was led by Matt Wirth, Ralph Smalley, Jim Freeman and Max Coffin.

“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,” Wirth said. “Ultimately, the complete portfolio was awarded to a single buyer with an investment thesis that matches the entire profile of the offering.”

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 and sales 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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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 $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About Geneva Group

The Geneva Group is a leading real estate investment and property services firm specializing in acquiring and managing commercial properties for their portfolio. 

About Adler Real Estate Partners

Adler Real Estate Partners is an entrepreneurial real estate company pursuing a vertically integrated niche strategy which invests in multi-tenant light industrial and related business parks in growth markets in the United States.