CenterPoint Drops $52M for Atlanta Facility
The Class A property is fully occupied.
CenterPoint Properties has purchased a 395,750-square-foot industrial asset in Lithia Springs, Ga., marking its second investment in metro Atlanta since the start of the year. IDI Logistics sold the facility in the Austell submarket for $51.6 million, Douglas County public records show.
CBRE’s Vice Chairman Frank Fallon and Vice President George Fallon brokered the sale. The property was fully occupied by a logistics provider at the time of the transaction.
Completed in 2002, the Class A building sits on 34 acres at 2124 Skyview Drive. The facility is close to Interstate 20. Downtown Atlanta is 15 miles away, while the city’s international airport is within 21 miles.
READ ALSO: Atlanta’s Industrial Market Shows Strong Pricing
The building features 32-foot clear heights, 47 dock doors with room to add 31 and three drive-in doors. Additionally, the property has 243 vehicle parking spaces, expandable to 274, and 53 trailer parking spots.
In May, CenterPoint ventured into the metro by purchasing a 347,013-square-foot facility in Powder Springs, Ga. The property is at 4795 Innovative Way, within the same submarket, and was sold in an off-market deal brokered by CBRE.
Now, CenterPoint’s eastern portfolio currently includes 91 properties totaling approximately 19 million square feet spread across New York, New Jersey, Lehigh Valley, Pa., Charleston, S.C., South Florida and Savannah, Ga.
Atlanta’s industrial sector attracts investors
Atlanta’s industrial investment volume reached $600 million as of June, according to a recent Yardi Matrix industrial report. Properties changed ownership at an average sale price of $159 per square foot—higher when compared to the national average of $130 per square foot and on par with Boston’s prices. The metro’s vacancy rate also performed well, clocking in at 8.2 percent, lower than the 9.0 percent national figure.
Earlier this month, Link Logistics picked up a 365,490-square-foot distribution center in Ellenwood, Ga., in a $44.8 million deal. The property, Clayton Commerce Center II, changed ownership from TA Realty and has been occupied by a single tenant since its opening.
Another recent deal in the metro is Bridge Logistics Properties’ acquisition of a 1.6 million-square-foot industrial portfolio in McDonough, Ga. The company expanded its national industrial footprint to 16.3 million square feet.
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