TPG Pays $71M for 18-Building Asset Near Atlanta

Gwinnett Park. Image via Google Street View

Sperry Equities has sold Gwinnett Park, an 18-building, 981,720-square-foot flex industrial property in Norcross, Ga. TPG Real Estate Partners acquired the Atlanta-area asset for $71.3 million through Dogwood Industrial Properties, its industrial platform. JLL negotiated the deal on behalf of the seller.

Gwinnett Park occupies more than 70 acres east of the intersection of Beaver Ruin Road and International Boulevard NW in the Northeast industrial submarket. Located approximately 22 miles northeast of downtown Atlanta, the property is close to Interstate 85, one of the area’s major thoroughfares.

Developed between 1973 and 1997, the industrial park’s buildings feature 18- to 22-foot clear heights, both grade-level and dock-high doors and abundant parking. The property is currently about 87 percent leased to more than 55 tenants.

JLL Senior Managing Director Dennis Mitchell, together with Managing Directors Matt Wirth and Britton Burdette, led the Capital Markets team representing the seller in the deal.

In May, another Norcross industrial asset changed hands. Hillwood acquired a 100,000-square-foot distribution warehouse located roughly 4 miles northeast of Gwinnett Park.