ATLANTA-Colliers International's Industrial Investment Services group here reports it has brokered the sale of five industrial properties totaling 760,826 square feet in the Atlanta region.

The two transactions had a combined value of $17.4 million.

The brokerage firm represented Atlanta Property Group in the sale of 1001 Cherry Drive, a 455,602-square-foot bulk distribution building in Braselton, GA., that sold for $12.8 million. Additionally, on behalf of Cigna, Colliers sold a four-building, value-add industrial portfolio totaling 305,224 square feet in the I-20 West/Fulton Industrial submarket of Atlanta for $4.6 million. Dennis Mitchell and Matt Wirth of the Colliers International Atlanta Industrial Investment Services group represented Atlanta Property Group and Cigna in the transactions. The properties were sold to separate buyers. Colliers did not identify the buyers in its press announcement. 1001 Cherry Drive is 100% leased to two tenants with an average remaining lease term of more than seven years.

“Atlanta Property Group decided to bring the building to market after Colliers' leasing team helped execute their investment strategy by leasing the building's final vacancy,” Mitchell says. “The fully leased property provides the new owner excellent stability and a strong, risk-adjusted yield.”

In terms of the I-20 West industrial sales deal, Colliers provided property management, leasing and disposition services to Cigna for what was initially an eight-building, 536,000-square-foot portfolio. The sale of the portfolio was completed in four transactions, with the final sale consisting of 305,224 square feet in four buildings: 200 and 560 Wharton Circle and 4780 and 4782 Bakers Ferry Road. Colliers International's leasing efforts addressed significant near-term rollover and brought occupancy levels in the four buildings to 60% at the time of the sale, company officials say.

“With recent leases and renewals as well as additional prospects lined up to potentially absorb more space, this four-building portfolio offers the buyer an opportunity to increase income with limited downside risk,” Mitchell notes.