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| Kris Miller |
Atlanta, GA – Ackerman
& Co. announced it has completed the acquisition of Stone Mountain Industrial Park, a 4.1-million-square-foot purchase
encompassing 69 buildings in the Tucker/Stone Mountain submarket of Atlanta,
for $135 million.
The properties were
originally developed and master-planned by the seller, Pattillo Industrial Real
Estate. Ackerman and Pattillo have been two of the leading Atlanta commercial
real estate companies for the last 50 years.
Ackerman & Co.
partnered with Investcorp – an alternative investment manager and active real
estate investor in Atlanta and the Southeast – to complete the transaction,
which closed 75 days from award of deal.
"Both Ackerman and
Pattillo have long and successful histories in Atlanta real estate,” said Kris Miller, President of Ackerman
& Co. “Investcorp and Ackerman are fortunate to now own these well-built
and strategically located properties," he added.
 |
| Stewart Calhoun |
Stone Mountain Industrial
Park has been maintained and managed by Pattillo since its original
development.
The diverse portfolio of shallow-bay industrial warehouses
includes single-and multi-tenant configurations of front, rear and side-load
designs ranging from 5,000 to 200,000 square feet. Most spaces offer outside
storage.
Cushman & Wakefield’s Stewart Calhoun, David Meline, Samir Idris
and Casey Masters brokered the sale on behalf of Pattillo. “The Cushman
team contributed significantly to the success of this complicated transaction
and kept us on schedule,” said Miller.
“We congratulate Ackerman
and Investcorp on their bold new investment. They are committed to an area that
has a Community Improvement District, a newly incorporated City of Tucker and a
sterling location that has served a strong business community for many years.
Ackerman and Investcorp take leadership in this market at a moment that holds
great potential,” said Larry Callahan,
CEO of Pattillo Industrial Real Estate.
Twenty-five-year veteran
and Ackerman & Co. Senior Vice President Brett Buckner, CCIM, SIOR, will manage the leasing and user-sales
at Stone Mountain Industrial Park. Professional and on-site management will be
provided by the Ackerman & Co. Property Management division.
For a complete copy of the company’s news release,
please contact:
Fara Wilson
Vice President, Marketing
P: 770.913.3904 C: 678.358.2060 F: 770.913.3965
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