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| Maggie Holmes |
The 288,000-square-foot property is located at 445 American Way in Grenada, Mississippi and serves as the distribution center for the tenant’s manufacturing plant located less than one mile east of the property.
Mike Sladich and Maggie Holmes of Stan Johnson Company represented the seller, an Illinois-based industrial developer, Agracel, Inc. Typically long-term holders, Agracel, Inc. recognized a unique opportunity to sell and took advantage of the current market dynamics.
The buyer was a Dallas, Texas-based REIT. The property sold for approximately $21.3 million.
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| Mike Sladich |
“There continues to be strong investor demand for new industrial product, especially fungible warehouse space like ADP Grenada. We received a lot of interest from both institutional and private buyers, and we ultimately sold at full ask to an institution who closed in 45 days,” said Holmes, Director in Stan Johnson Company’s Atlanta, Georgia office.
“At $74 per square foot, the property was placed well below replacement cost, and with construction costs still on the rise, this was an important metric to investors.”
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