Sale-leaseback of infill distribution center in Atlanta closes
JLL Capital Markets led sales efforts for Amway-Norcross to EverWest Real Estate Investors
ATLANTA, Jan. 13, 2022 – JLL Capital Markets announced today that it has closed the sale-leaseback of Amway-Norcross, a 124,889-square-foot distribution center in the Atlanta community of Norcross, Georgia.
JLL marketed the property on behalf of the seller, Amway. EverWest Real Estate Investors, LLC acquired the asset and entered into a long-term lease with the seller, who has occupied the property since 1979 and uses it for mission-critical distribution throughout the southeast.
Amway-Norcross is fully leased and provides superior functionality for e-commerce and bulk distribution. The facility consists of one grade-level building that has a varying clear height with a minimum of 22 feet, 20 dock doors, a 115-foot truck court and a 4,732-square-foot office space. Additionally, the property features 45 car parking spaces and a 100-foot by 115-foot concrete trailer parking pad with additional land for potential future outdoor storage or additional trailer parking.
Situated on 9.54 acres, Amway-Norcross is located at 6450 Jimmy Carter Blvd. near Atlanta’s major thoroughfares. The property is positioned 2.2 miles from Interstate 85 and less than 4 miles from I-285 with additional access to GA-316, I-985 and I-75, allowing access to dense population centers throughout the southeast. The tenant can reach over five million people within an hour drive of the property and access 80 percent of the U.S. population within a two-day drive. Additionally, the distribution center is located 31 miles from Hartsfield Jackson International Airport.
According to JLL’s Atlanta Industrial Insight report for Q3 2021, year-to-date absorption is at its largest volume in history, surpassing 2020’s record by 2 million square feet. Atlanta achieved another record-low vacancy in Q3, directly following the previous quarter’s record-low of five percent. With more competition for space and vacancies moving extremely fast, rental rates and concessions were driven up once more. Rents reached an all-time high, up 3.4 percent year-over-year, and escalations held at a minimum of three percent or going even higher.
The JLL Capital Markets Investment Sales and Advisory team that represented the seller was led by Managing Director Matt Wirth, Associate Mitchell Townsend, Senior Managing Director Dennis Mitchell and Managing Director Britton Burdette.
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.
Amway is the world’s largest direct selling company*. They manufacture and distribute nutrition, beauty, personal care and home products—which are exclusively sold in 100 countries through Amway Independent Business Owners (IBOs).
*As ranked by 2018 Direct Selling News Global 100, published in the June 2018 edition of Direct Selling News, based on 2017 revenues.
About EverWest Real Estate Investors, LLC
EverWest Real Estate Investors, LLC, is a real estate investment management firm based in Denver, Colorado, with $4.3 billion in assets under management. EverWest applies decades of investment knowledge with one goal in mind: to create significant real estate value and generate superior performance for their investors. Their experienced team of investment professionals is uniquely positioned in markets where they invest. From acquisition, repositioning and development, to management and exit, EverWest is focused on delivering the results investors expect. They are an affiliate of Sagard, a leading global alternative asset management platform within the Power Corporation ecosystem.