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| King Mill Distribution Center, McDonough, GA |
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| David Hubbs |
McDonough, GA (May 1,
2017) – American Realty Advisors (“ARA”), an institutional capital management
firm with over $8 billion in assets under management, has acquired King Mill Distribution Center, a
846,496 square-foot Class A cross-docked distribution facility in the Atlanta
submarket of McDonough, Georgia.
The building is 100-percent leased
to CastleGate Logistics with a guaranty from its parent company, Wayfair.com,
one of the world’s leading online destinations for home goods. Wayfair.com’s
revenue surpassed $3.38 billion in 2016.
“ARA invests in high-quality core
assets with durable and accretive income returns located in dynamic submarkets
across the country,” says David Hubbs,
Senior Portfolio Manager at ARA.
“This
acquisition is a prime example of how we execute that strategy. King Mill
Distribution Center is situated in a submarket widely known for its
institutional quality assets and top-tier tenants and is fully leased to a
global company with rapidly growing market share.”
Hubbs also points to the strong
local market as a key factor in ARA’s acquisition decision.
“King Mill Distribution Center is
located within 2 miles from I-75, which is the primary route from Atlanta to
Florida and a direct connection to the Port of Savannah, the nations’
fourth-largest and fastest-growing U.S. container port,” says David Willett, Senior Director,
Investment Group at ARA. “The Atlanta
metro is a major logistics hub, an economic engine of the Southeast, and home
to one the nation’s leading business centers.”
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| David Willett |
The region continues to attract a
diverse range of industries including corporate and regional headquarters for
many Fortune 1000 firms and 15 Fortune 500 companies are headquartered within
the Atlanta metro, ranking just behind Houston and New York City.
Willett adds, “We were attracted to
King Mill Distribution Center based on the region’s rapid growth, a healthy
diversification of local industries, and the asset’s accretive in-place cash
flow. We believe that the property is well-positioned to deliver long-term
value to our tenant and to our investors.”
Built in 2016, the bulk
distribution facility features state-of-the-art building specifications
including cross-dock configuration, 185 foot deep full concrete truck courts,
ESFR sprinklers, ductilcrete flooring systems, 36 foot minimum clear height,
171 dock high loading doors, four drive-in doors, abundant employee parking,
and 237 trailer storage positions.
“The high quality construction
and top-of-the-line material selections should result in the property
maintaining its competitive advantage in the marketplace. Along with lower
maintenance costs, this should drive attractive long-term returns for our
investors,” continues Willett.
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| Frank Fallon |
Hubbs adds, “Our
investment in King Mill Distribution Center is consistent with ARA’s
risk-adjusted core investing strategy to add in-place income growth to the
portfolio with future appreciation upside potential in top-tier markets that
are positioned to withstand any potential future economic shifts.”
King Mill Distribution
Center is located at 130 Distribution Drive in McDonough, Georgia. Frank Fallon, Chris Riley and John Farell at
CBRE represented the seller, King Mill Distribution Park, LLC, a Trammell Crow
Atlanta development.
For a complete copy of the company’s news release,
please contact:
Lexi Astfalk / Jenn Quader
for American Realty Advisors
Brower, Miller & Cole
(949) 955-7940, LAstfalk@browermillercole.com
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