ATLANTA—A three-property portfolio of industrial buildings just traded hands. Graham Commercial Properties shelled out $53.25 million for the industrial assets. The acquisition expands Graham's Atlanta holdings five-fold. The industrial deal is part of the firm's Southeast expansion plans. “These properties are located in three of Atlanta's high-quality industrial submarkets and are long-term holds for us,” says Graham president Gardner Lee.
“We anticipate doubling our portfolio over the next 12 to 18 months in high growth Southeast cities, so look for more from us in Atlanta and beyond.” Boston-based TA Realty sold the assets.
The Atlanta industrial portfolio includes six class A, bulk distribution buildings totaling 979,650 square feet. The industrial portfolio includes: Progress Center, a two-building, 451,200-square-foot property located at 2200 and 2225 Cedars Road in Lawrenceville, GA; Air Commerce Center, a two-building, 268,400-square-foot property at 4900 Saint Joe Boulevard in College Park, GA; and North Atlanta Distribution Center, a two-building, 260,050-square-foot industrial property located at 5065 and 5075 Buford Highway in Norcross, GA.
The industrial buildings feature 24- to 30-foot clear ceiling heights. Together, the buildings are 92% occupied. Innotrac, Zodiac Services, Wurth Wood, and Carrier are among the tenants. With this acquisition, Graham now controls 1.2 million square feet of industrial space in the Atlanta market. Graham controls about 5.5 million square feet of industrial space in Alabama, Florida, Georgia, and North Carolina.
Created in 2013 by leaders from Graham & Co., the firm has rapidly expanded, entering the Charlotte and Atlanta markets in the past year. The company's short-term plans include a focus on strategic acquisitions and build-to-suit developments in Orlando, Tampa, Atlanta, Nashville, and Charlotte.
“We're looking to achieve above average, long-term results for our investors,” says Lee. “We do that by focusing on high growth Sunbelt markets where we can get increased returns over a long hold period. These are regional distribution hubs with fast-growing consumer markets where we can capitalize on the growth in e-commerce.” CBRE represented the seller in the transaction. Graham provided in-house representation. Wells Fargo Bank provided the debt.
ATLANTA—A three-property portfolio of industrial buildings just traded hands. Graham Commercial Properties shelled out $53.25 million for the industrial assets. The acquisition expands Graham's Atlanta holdings five-fold. The industrial deal is part of the firm's Southeast expansion plans. “These properties are located in three of Atlanta's high-quality industrial submarkets and are long-term holds for us,” says Graham president Gardner Lee.
“We anticipate doubling our portfolio over the next 12 to 18 months in high growth Southeast cities, so look for more from us in Atlanta and beyond.” Boston-based TA Realty sold the assets.
The Atlanta industrial portfolio includes six class A, bulk distribution buildings totaling 979,650 square feet. The industrial portfolio includes: Progress Center, a two-building, 451,200-square-foot property located at 2200 and 2225 Cedars Road in Lawrenceville, GA; Air Commerce Center, a two-building, 268,400-square-foot property at 4900 Saint Joe Boulevard in College Park, GA; and North Atlanta Distribution Center, a two-building, 260,050-square-foot industrial property located at 5065 and 5075 Buford Highway in Norcross, GA.
The industrial buildings feature 24- to 30-foot clear ceiling heights. Together, the buildings are 92% occupied. Innotrac, Zodiac Services, Wurth Wood, and Carrier are among the tenants. With this acquisition, Graham now controls 1.2 million square feet of industrial space in the Atlanta market. Graham controls about 5.5 million square feet of industrial space in Alabama, Florida, Georgia, and North Carolina.
Created in 2013 by leaders from Graham & Co., the firm has rapidly expanded, entering the Charlotte and Atlanta markets in the past year. The company's short-term plans include a focus on strategic acquisitions and build-to-suit developments in Orlando, Tampa, Atlanta, Nashville, and Charlotte.
“We're looking to achieve above average, long-term results for our investors,” says Lee. “We do that by focusing on high growth Sunbelt markets where we can get increased returns over a long hold period. These are regional distribution hubs with fast-growing consumer markets where we can capitalize on the growth in e-commerce.” CBRE represented the seller in the transaction. Graham provided in-house representation.
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