Atlanta light industrial business park trades for $38.5 million

 

The Battery, one of Atlanta’s premier mixed-use projects
of the last decade.

Dennis Mitchell

 ATLANTA, GA  – JLL Capital Markets announced it has closed the $38.5 million sale of a four-building light industrial business park totaling 281,677 square feet in an infill location in Atlanta’s Cumberland Galleria submarket.

JLL worked on behalf of the seller, a joint venture between The Ardent Companies, Taconic Capital Advisors and Axonic Capital.

Albany Road Real Estate Partners purchased the asset through Albany Road Fund III, a closed-end vehicle with $225 million committed to date.

 Situated on 22.7 acres at 120 Interstate Northwest, the portfolio is in the heart of the $3.5-billlion Cumberland Community Improvement District corridor, which is at the interchange of interstate 75 and 285.

Matt Wirth

The location allows easy access to Atlanta’s most affluent demographics and schools along with the densest population centers.

The Cumberland-Galleria area is highly amenitized and hosts an institutional business community that includes The Battery: one of Atlanta’s premier mixed-use projects of the last decade.

 

The property is 87 percent leased to 36 tenants and consists of 43 suites with an average size of 6,545 square feet. 

 Britton Burdette

Since 2016, the park has undergone a multi-million-dollar renovation and features 14- to 18-foot clear heights, new roofs, 34 dock-high doors, 39 grade-level roll ups and ample parking.

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

Crosby Taylor

“120 Interstate Northwest is a survivor that has escaped redevelopment,” Mitchell said. “The property is a high-quality institutionally owned and managed asset providing excellent value to the infill light industrial tenant.

"The tenants require industrial function but also demand a high-end location that offers employees excellent access and a wide variety of amenities.”

 

Contact:

Kimberly Steele

Senior Associate,  

Public Relations

JLL Capital Markets

9 Greenway Plaza, Suite 700

Houston, TX  77046

T +1 713 852 3420

M +1 832 244 9994

Kimberly.Steele@am.jll.com

 us.jll.com/capitalmarkets

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