ATLANTA-Denver-based ProLogis has acquired four bulk distribution centers that contain almost 1.5 million sf of industrial space for $60 million. In a separate transaction, the company also acquired 115 acres of land along Interstate 85 in northeast Atlanta.
The distribution centers are 100% leased, with tenants including Bombay Co., Lund International, Siemens Energy & Automation and Tyco International. Two of the facilities are located northeast of Atlanta in the I-85 corridor. Another is located in I-20/Fulton submarket near Fulton Industrial Park. The fourth is in south Atlanta in Midland Industrial Park off Interstate 75. ProLogis does not have any immediate plans to make changes to any of the facilities, a ProLogis spokesman tells GlobeSt.com. With the acquisition, the company now operates more than 18 million sf of industrial space throughout the metropolitan area.
The 115 acres are located on US 129 in Jackson County, less than two miles from I-85 and near the Valentine Industrial Park. When fully developed, it can accommodate up to 1.35 million sf of industrial space. Hodges says that the company plans to develop the land in the future, but does not have specific plans yet for the site. "We would envision one very large facility on the site," the spokesman says. "But the site plan could also accommodate two smaller buildings of approximately 650,000 sf."
David Welch, ProLogis first vice president and market officer, notes that demand for new space is strong. "[The land] will serve as a prime location for bulk distribution in northern Atlanta," Welch says. "The market for big box facilities in the area has been highly active over the past 12 months, and we look forward to capitalizing on future opportunities as they arise."
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