Northwest Atlanta industrial portfolio sells for $112

ATLANTA, Feb. 1, 2022 – JLL Capital Markets announced today that it has closed the $112 million sale of a two-property, Class A, institutional-quality bulk industrial portfolio totaling 949,211 square feet in the Atlanta-area communities of Adairsville and Cartersville, Georgia.

JLL marketed the property on behalf of the seller, Panattoni. Affiliates of LXP Industrial Trust acquired the asset.

The portfolio comprises the Georgia North Industrial Park Building 100 and Bartow Commerce Center Buildings 1 and 2 and has a diverse tenancy that includes Wellmade, Airman USA Corporation and Textron. Both properties are proximate to Interstate 75, a major logistical thoroughfare, and are two of Northwest Atlanta’s most highly desired bulk industrial properties built to institutional standards. The portfolio also has easy access to Interstate 285, along with Hartsfield-Jackson International Airport and the Appalachian Regional Port.

The rear-load Georgia North Industrial Park Building 100 provides 225,211 square feet of multi-tenant space constructed in 2020 and features tilt-wall construction, a 32-foot clear height, 36 loading positions, 50 trailer parking stalls, ESFR fire protection and LED lighting. It’s strategic location at 95 International Parkway in Adairsville places it less than 0.8 miles from I-75.

Constructed to institutional standards in 2021, Bartow Commerce Center Buildings 1 and 2 offer modern features, including rear-load configurations, a clear height ranging from 32 to 36 feet, a total of 84 dock-high doors, eight grade-level doors with ramps, ESFR fire protection, LED lighting and 161 trailer parking stalls. The buildings are situated at 41 and 51 Busch Drive NE in Cartersville less than 1.2 miles from Interstate 75.

The portfolio properties are both situated within the Northwest Industrial submarket, which is an extremely desirable submarket with high barriers to entry for new development. According to JLL Research’s Atlanta Industrial Insight report, this submarket had a low vacancy of 3.6 percent at the end of the fourth quarter of 2021, contributing to the record-setting demand the Atlanta Industrial market has experienced.

The JLL Capital Markets Investment Sales and Advisory team that represented the seller was led by Dennis Mitchell, Matt Wirth, Britton Burdette and Jim Freeman.

“The team saw strong institutional demand for this core-plus industrial offering, due to the ability to acquire critical mass in the burgeoning Northwest Atlanta Industrial submarket and its unique profile of stability through multiple long-term leases to anchor tenants, as well as upside through leasing of vacant space,” Mitchell said. “As new, core product continues to be delivered and leased in the 75 North Corridor, we anticipate seeing continued rental rate growth and investment from both developers and institutional capital.”

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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