{"id":1004470882,"date":"2020-08-13T03:31:17","date_gmt":"2020-08-13T11:31:17","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004470882"},"modified":"2020-08-13T03:31:17","modified_gmt":"2020-08-13T11:31:17","slug":"georgia-industrial-property-changes-hands-for-44m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/georgia-industrial-property-changes-hands-for-44m\/","title":{"rendered":"Georgia Industrial Property Changes Hands for $44M"},"content":{"rendered":"
\"\"

Bed Bath & Beyond distribution center in Pendergrass, Ga. Image courtesy of JLL<\/em><\/p><\/div>\n

A crucial industrial property for Bed Bath & Beyond\u2019s distribution network has been sold for $43.9 million. Oak Street Real Estate Capital sold the distribution center in Pendergrass, Ga., to an unnamed buyer and was represented in the deal by a JLL Capital Markets team of Alex Sharrin, Britton Burdette, Brian Shanfeld, Matt Wirth and Dennis Mitchell.<\/p>\n

Located at 860 John B. Brooks Road, the property has nearby access to Interstate 85 that leads to downtown Atlanta and the Hartsfield-Jackson Atlanta International Airport, the busiest airport in the world. The 811,000-square-foot distribution center was built on a 62-acre site with tilt-up construction, 32-foot clear heights and a cross-dock configuration. The property is a mission-critical distribution hub for its sole long-term tenant, Bed Bath & Beyond, according to JLL.<\/p>\n

Burdette said in prepared remarks that the unnamed buyer, an institutional investment group, was attracted to the property due to it being a vital link in the home goods retailer\u2019s supply chain.<\/p>\n

\n

READ ALSO:<\/strong> COVID-19\u2019s Impact on E-Commerce<\/a><\/p>\n

\n

At the beginning of the year, Bed Bath & Beyond agreed to a $250 million sale-leaseback deal<\/a> with Oak Street Capital that comprised approximately 2.1 million square feet as part of the retailer\u2019s \u201casset-light\u201d strategy. While specific locations were not disclosed, the deal included retail stores, a distribution facility and office space.<\/p>\n

Industrial Sector Remains Stable<\/strong><\/h2>\n

As for the distribution center in Pendergrass, Sharrin said in prepared remarks that the property has strong intrinsic real estate value and was a stable investment opportunity<\/a>. Sharrin added that net-leased industrial properties were faring much better than other property types in the commercial real estate sector.<\/p>\n

In JLL\u2019s second quarter report<\/a> on the U.S. industrial market, the sector saw healthy figures and displayed its resilience in the face of the COVID-19 pandemic. According to the report, industrial rents averaged $6.30 per square foot in the second quarter\u2014staying unchanged compared to the start of 2020\u2014despite a marked slowdown in global economic activity.<\/p>\n","protected":false},"excerpt":{"rendered":"

Oak Street Real Estate Capital sold its 811,000-square foot distribution center that\u2019s leased to Bed Bath & Beyond.<\/p>\n","protected":false},"author":883,"featured_media":1004470885,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21748,21783,21742],"tags":[38676,32796,37350],"class_list":["post-1004470882","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-industrial","category-investment","category-latest","tag-bed-bath-beyond","tag-jll","tag-oak-street-real-estate-capital"],"acf":[],"yoast_head":"\nGeorgia Industrial Property Changes Hands for $44M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/georgia-industrial-property-changes-hands-for-44m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Georgia Industrial Property Changes Hands for $44M\" \/>\n<meta property=\"og:description\" content=\"Oak Street Real Estate Capital sold its 811,000-square foot distribution center that\u2019s leased to Bed Bath & Beyond.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/georgia-industrial-property-changes-hands-for-44m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-08-13T11:31:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/08\/Bed-Bath-Beyond-distribution-center-in-Pendergrass-Ga.-Image-courtesy-of-JLL.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jackson Chen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/georgia-industrial-property-changes-hands-for-44m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/georgia-industrial-property-changes-hands-for-44m\/\",\"name\":\"Georgia Industrial Property Changes Hands for $44M - 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