BentallGreenOak acquires warehouse in Atlanta for $79m

BentallGreenOak acquires warehouse in Atlanta for $79m

BentallGreenOak has made its second industrial property investment in Atlanta this year with the acquisition of a 1,015,740 square foot bulk distribution warehouse at 355 Horace Head Road in Jefferson, GA for $78.7 million.

The property, delivered in Q3 2020 by a joint-venture between MetLife Investment Management and Panattoni, is located in Northeast Atlanta along the I-85 corridor.

The property is currently the only existing vacant warehouse one million square feet or greater in Atlanta, making it uniquely positioned to capitalize on strong leasing fundamentals taking place across the metro area, according to the company.

“Atlanta has experienced unprecedented leasing absorption over the past 12 months, driven by robust population growth across the MSA and a continued emergence of e-commerce related activity,” said Joe Paskov, Vice President, Investments for BentallGreenOak.

“We are believers in the I-85 corridor as an economic engine in the Southeast, providing unparalleled connectivity between five major markets with pro-business environments and strong labor pools. This acquisition represents an opportunity to invest in quality real estate in a growth-oriented location, at a time when institutional interest in Class-A industrial assets have compressed cap rates to historically low levels.”

The warehouse features 36’ clear heights, 185’ truck courts, 570’ building depths, 400 auto parking spaces (expandable by 88+), 227 trailer parking spaces, and two speculative office pods totaling 3,150 square feet.