ATLANTA-A joint venture of Dallas-based Granite Properties and Republic Property Co. has sold the 265,000-sf Riverview Distribution Center and 48 acres of adjacent land to two separate buyers in transactions that total $23.55 million.
Houston-based Weingarten Realty Investors acquired the distribution center for $11.3 million. Located at Fulton Industrial Boulevard and Camp Creek Parkway, the property was developed in 2006. It provides access to Interstate 20, Interstate 285 and Hartsfield Jackson Atlanta International Airport. The property is 65% occupied by CHEP.
Chris Riley, Frank Fallon and Brian Budnick, of CB Richard Ellis, represented the joint venture. The distribution center and land are located in the Fulton industrial submarket. "The sales gave us the opportunity to capitalize on continued strong demand for modern, well-located distributed properties and land," Republic Property Co. president Jerry Daws.
Cookeville, TN-based Averitt Express acquired the adjacent land, which can support development of up to one million sf, for $12.25 million. The buyer was represented by Blaine Kelley of CB Richard Ellis.
"With the sale of the land, it no longer fit our strategic objectives to own a single building at Riverview," says Granite managing director in Atlanta Steve Martin. "Working with Weingarten and Averitt Express, we were able to put together a transaction that met each party's investment goals."
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