Atlanta flex portfolio sells to Elmo Enterprises backed by Tall Pines Capital

ATLANTA, March 29, 2021 – JLL Capital Markets announced today that it has closed the $9.25 million sale of 316 Business Center, a four-building light industrial park totaling 98,306 square feet of multi-use logistics flex and office space in the Atlanta-area community of Lawrenceville, Georgia.

JLL worked on behalf of the seller, Sperry Equities. The property was sold to Elmo Enterprises in partnership with Tall Pines Capital. The buyers plan to invest in the property and convert the complex into a flex warehouse and office space designed for Atlanta’s growing service-oriented industrial businesses.

316 Business Center was constructed between 1988 and 1996 and features ample auto parking for higher office finish tenants. The buildings were recently renovated and are 78.5 percent leased to 22 tenants.

Situated on 7.62 acres at 1000 Hurricane Shoals Rd., 316 Business Center is in the 1,500-acre Gwinnett Progress Center, which serves as the logistical keystone between Atlanta and Athens. It is in one of Atlanta’s premiere business parks and proximate to Interstate 85, the industrial backbone of the Southeast. Additionally, the 316 Business Center has 800 feet of frontage on SR-316 and is directly across from the Gwinnett County Airport at Briscoe Field, which recently received approval for expansion.

316 Business Center is in the 316/Lawrenceville Industrial micro market, which boasts one of the lowest vacancy rates in the Atlanta metro area at 2.8 percent. Institutional ownership and tenants alike are drawn to this infill location for last-mile distribution to Lawrenceville and Gwinnett County and the proximity to Atlanta’s wealthiest suburbs. JLL Capital Markets’ recent research report details how multi-use logistics assets like 316 Business Center are seeing increased investor interest due to the irreplaceable nature of the asset sub-class and compelling rent growth profiles.

The JLL Capital Markets team representing the seller was led by Dennis Mitchell, Matt Wirth, Britton Burdette and Crosby Taylor.

“High-quality, well-located and well-parked flexible industrial space suitable for the smaller tenant is in very strong demand,” Mitchell said. “The high cost to replicate has limited construction in this cycle resulting in short supply, increasing rents and increasing values.”

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 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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