Canadian REIT Acquires 1.9M SF Atlanta-Area Distribution Center
Newnan Distribution Center was renovated in 2001 and is now 87%-leased to two tenants.
NEWNAN, GA—Ontario-based Agellan Commercial Real Estate Investment Trust purchased Newnan Distribution Center, a 1.9 million-square-foot, multi-tenant distribution center in the Atlanta-area community of Newnan, GA, for $53 million.
Agellan’s 46 properties, mainly in major US urban markets, contain 8.3 million square feet of gross leasable area, with the REIT’s ownership interest at seven million square feet.
A Holliday Fenoglio Fowler team led by senior managing director Chris Norvell, director Patrick Nally, and senior managing director Richard Reid represented the sellers, LRC Properties and a private Canadian-based investor.
Originally constructed in 1978 as a build-to-suit for Kmart, Newnan Distribution Center was renovated in 2001 and is now 87%-leased to two tenants, Variety Wholesalers, which uses the warehouse to serve more than 180 locations across the Southeast, and Elite Comfort Solutions, a rapidly growing foam manufacturer. The facility features 24-foot clear heights, 1,000 trailer storage spaces, 118 dock-high loading positions and a new glass office entrance.
Situated on 101.74 acres at 60 Herring Road, Newnan Distribution Center is along the Interstate 85 South Corridor about 30 miles southwest of Hartsfield-Jackson Atlanta International Airport, and within a two-hour flight of 80% of the US population. Newnan Distribution Center borders an active CSX rail line that provides direct access to the Fairburn Intermodal Terminal, Atlanta’s intermodal gateway to the South and West.