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ATLANTA-CenterPoint Properties Trust has acquired a 585,000-sf distribution center near Interstate 20 on the city’s west side from First Industrial Realty Trust. The purchase price was not disclosed by the parties, both of which are based in Chicago, though local industrial brokers put the price at more than $20 million.

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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