Agellan Acquires $53M Distribution Center in Atlanta
The 2 million-square-foot industrial complex, built in 1978, is 87 percent leased to two tenants and was renovated in 2001.
By Holly Dutton
Newnan Distribution Center
Agellan Commercial Real Estate Investment Trust has acquired a distribution center in the Atlanta area for $53 million from LRC Properties and a private Canadian-based investor.
Originally built in 1978 for Kmart, the 1.9 million-square-foot Newnan Distribution Center was renovated in 2001 and is now 87 percent leased to two tenants: Variety Wholesalers and Elite Comfort Solutions.
An HFF investment advisory team of Senior Managing Director Chris Norvell, Director Patrick Nally and Senior Managing Director Richard Reid represented the seller in the deal.
The facility is situated on about 102 acres at 60 Herring Road in Newnan, Ga., along the Interstate 85 south corridor. Newnan Distribution Center is about a 40-minute drive from downtown Atlanta and 30 miles southwest of Hartsfield-Jackson Atlanta International Airport.
Among its features, the distribution center contains 24-foot clear heights, 1,000 trailer storage spaces, 118 dock-high loading positions and a new glass office entrance. Newnan Distribution Center also borders an active CSX rail line that provides direct access to the Fairburn Intermodal Terminal.
Earlier this year, LRC Properties acquired a 617,000-square-foot cross-dock warehouse in Lithia Springs, Ga., from a joint venture between AB InBev and Keurig Green Mountain.
Image courtesy of HFF
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