Atlanta-Area 800 KSF Industrial Asset Sells for $40M
201 Greenwood Court was acquired by a Canadian company using existing cash, but a new mortgage is expected to be put in place in February 2017.
By Mihaela Coste
201 Greenwood Court, McDonough, Ga.
Atlanta—Pure Industrial Real Estate Trust, a company that operates industrial properties in leading markets across Canada and the US, has recently acquired a Class A, 800,000-square-foot distribution center in McDonough, Ga., a suburb of Atlanta.
201 Greenwood Court traded for approximately $39.5 million, the amount representing a 5.3 percent going-in capitalization rate. The asset was acquired using existing cash and the Trust’s operating line. In February 2017, a new loan of roughly $19.2 million, having an eight-year term and a fixed interest rate of 3.8 percent per year, is expected to be put in place.
Located at 201 Greenwood Court on a 37.8-acre site, the building completed in 1999 features 30-foot clear height, 40-foot by 40-foot column spacing, 188 dock-high doors and two grade-level doors, cross docking, ESFR sprinkler system, 8,000 amps of power and has a designated office space of 12,699 square feet. The facility is located in close proximity to Interstate 75, 33 miles from downtown Atlanta and 25 miles from UPS and FedEx hubs.
At the time of the transaction, the property was fully occupied by DHL Supply, which serves Bayer Healthcare out of the property. DHL has 5.6 years remaining on the lease.
According to Yardi Matrix data, the property last traded in 2005, when TIAA bought the warehouse for $30.4 million from First Industrial Realty Trust.
Image courtesy of Yardi Matrix
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