SMYRNA, GA-Atlanta-based Ackerman & Co. has purchased the 246,100-sf Highlands Overlook for $16.75 million or $68 per sf.

Developed in 1985, the three flex warehouses are located between the East-West Connector and South Cobb Drive. The complex consists of 5000 Highlands Parkway, a 152,400-sf building with Atlanta Journal Constitution's newspaper distribution operation as a major tenant; a 57,600-sf warehouse at 1100 Wilson Way, with PharMerica as the lead tenant; and 35,200-sf structure at 1500 Wilson Way, with Men's Wearhouse's distribution operation as a major tenant. Atlanta-based Resource Real Estate Partners principals Tom Shafer and Brad Smith brokered the sale. The seller was Dallas-based Invesco.

The complex's location in the Smyrna submarket of Atlanta was among the reasons that Ackerman acquired the property. With direct access to both interstates 285 and 75, Smyrna is experiencing revitalization with a growing number of residential units. "We think that submarket is a good one with its lack of congestion, accessibility to the airport and the Vinings area and its close proximity to Home Depot's headquarters," Ackerman's senior vice president of leasing Frank Farrell tells GlobeSt.com. "The land values are increasing there."

This is Ackerman's second acquisition in Smyrna in the past two years. Last year, the company purchased the first phase of Powers Pointe at 5665 New Northside Dr. for $14.9 million.

Ackerman plans to make some capital improvements to Highlands Overlook. Farrell and managing director of leasing Gwen Wegman have more than 35,000 sf to fill in the complex. "There are two vacancies that we'd like to fill," Farrell says. "That would push the occupancy to over 95%."