ProLogis Pays $20 per SF for 160,000 SF Industrial Asset

ATLANTA-ProLogis of Aurora, CO has acquired a 22-year-old, 159,607-sf warehouse/distribution structure in the Fulton County submarket from Atlanta-based Lend Lease Real Estate Investments Inc. for $3.25 million or $20.36 per sf.

The price for the 75%-leased 400 Indeco Boulevard property was based on a 10% return, “the highest price for any investment in the Fulton industrial submarket,” David Heaton, regional marketing and communications coordinator for the Atlanta office of Insignia/ESG Inc. tells GlobeSt.com. Heaton calls the property’s performance “a great return” on investment.

Kevin Markwordt, senior managing director and John Kleinberg, vice president of Insignia/ESG’s Capital Advisors brokered the transaction.

In a prepared statement, Markwordt calls the property “a quality asset with a stable and attractive tenant base.” He says the 75%-leasing level of the building “gives the buyer the ability to add value through lease up of the remaining vacant space.”

The building is near Fulton Industrial Boulevard and Interstate 20 and not far from the CSX rail line. “The Fulton industrial submarket is the largest contiguous industrial park east of the Mississippi River and is home to more than 1,000 businesses, ranging from Fortune 500 companies to smaller regional and local businesses,” Markwordt says.

The two existing tenants are Continental Plastic Containers and Rugby Building Products. Lend Lease owned the property for a year.