The transaction, which is also said to be the largest industrial deal in the Atlanta metropolitan area so far this year, was completed in spite of ever-tightening capital markets, says Marty Arnold, one of four brokers with Colliers Spectrum Cauble in Atlanta representing First Industrial in the sale. The build-to-suit warehouse at First Park Terminus West was built for Exel Logistics, which signed on as a tenant late last year.
"Credit of the tenants is the number-one issue now," Arnold tells GlobeSt.com. He notes that Exel, which handles commercial and residential moving services, is considered a "top shelf" tenant from a credit standpoint.
CenterPoint owns one other industrial property in the Atlanta market, a container yard in suburban Austell occupied by MOL Logistics Inc. It also owns a 250-acre distribution park in Savannah, called CenterPoint Intermodal Center.
First Industrial remains one of Atlanta's largest industrial landlords, with 2.2 million-sf Terminus West park among its largest local properties. In July, the REIT signed ConMed Corp. to a 157,200-sf lease at Terminus West.
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