{"id":1004553915,"date":"2021-10-14T02:42:38","date_gmt":"2021-10-14T10:42:38","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004553915"},"modified":"2022-12-08T00:05:08","modified_gmt":"2022-12-08T08:05:08","slug":"bentallgreenoak-buys-1-msf-warehouse","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bentallgreenoak-buys-1-msf-warehouse\/","title":{"rendered":"BentallGreenOak Buys 1 MSF Warehouse"},"content":{"rendered":"<p>BentallGreenOak has expanded its industrial presence in metropolitan Atlanta with the recent acquisition of 355 Horace Head Road, a 1 million-square-foot bulk distribution warehouse in Jefferson, Ga. The global real estate investment management advisor purchased the vacant property from its developer, a joint venture between MetLife Investment Management and Panattoni Development Co. Inc., in a transaction valued at $78.7 million.<\/p>\n<hr>\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/why-secondary-cities-are-pulling-ahead\/\">Why Secondary Cities Are Pulling Ahead<\/a><\/p>\n<hr>\n<p>Located off Dry Pond Road in Northeast Atlanta\u2019s I-85 corridor, 355 Horace Head delivered as a speculative development in the third quarter of 2020, marking the completion of the only big-box product in metropolitan Atlanta for the quarter. Investors continue to &#8220;flock to the sector&#8221; in Atlanta, as noted in a third quarter 2021 report by JLL, so landing a state-of-the-art property primed for lease-up is no simple feat.<\/p>\n<p>&#8220;Institutional investors are now clearly viewing Atlanta as a tier one industrial market, resulting in a highly competitive buying market that has driven up pricing and tightened returns,&#8221; Joseph Paskov, vice president, Investments, with BentallGreenOak, told <em>Commercial Property Executive<\/em>. &#8220;We have sought alternative means of investing in the market by taking on calculated risk in exchange for returns we feel are commensurate for those risks.&#8221;<\/p>\n<div id=\"attachment_1004554010\" style=\"width: 1210px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/10\/355-Horace-Head-Road-Jefferson-Ga.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004554010\" data-attachment-id=\"1004554010\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/bentallgreenoak-buys-1-msf-warehouse\/355-horace-head-road-jefferson-ga\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/10\/355-Horace-Head-Road-Jefferson-Ga.jpg\" data-orig-size=\"1200,480\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"355 Horace Head Road, Jefferson, Ga\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;355 Horace Head Road, Jefferson, Ga. Image courtesy of NAI Brannen Goddard&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/10\/355-Horace-Head-Road-Jefferson-Ga.jpg?w=1024\" class=\"wp-image-1004554010 size-full\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/10\/355-Horace-Head-Road-Jefferson-Ga.jpg\" alt=\"355 Horace Head Road, Jefferson, Ga. \" width=\"1200\" height=\"480\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/10\/355-Horace-Head-Road-Jefferson-Ga.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/10\/355-Horace-Head-Road-Jefferson-Ga.jpg?resize=300,120 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/10\/355-Horace-Head-Road-Jefferson-Ga.jpg?resize=768,307 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/10\/355-Horace-Head-Road-Jefferson-Ga.jpg?resize=1024,410 1024w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><\/a><p id=\"caption-attachment-1004554010\" class=\"wp-caption-text\">355 Horace Head Road, Jefferson, Ga. Image courtesy of NAI Brannen Goddard<\/p><\/div>\n<p>Currently, 355 Horace Head holds the distinction of being the only existing vacant warehouse of 1 million square feet or greater in metropolitan Atlanta. The cross-dock facility, originally named Jefferson Logistics Center by its development team, offers a host of coveted features ranging from 36-foot clear heights to two speculative office pods totaling roughly 3,200 square feet.<\/p>\n<p>The purchase of 355 Horace Head constitutes BentallGreenOak&#8217;s second industrial acquisition in the Atlanta market in 2021. The company has good reason for expanding its position in the area.<\/p>\n<p>&#8220;Atlanta is a top six market nationally in terms of gross industrial product and has been experiencing strong underlying fundamentals that have driven record leasing activity,&#8221; noted Paskov. &#8220;The city\u2019s centralized location within the Southeast, educated workforce stemming from quality colleges and universities, and world-class international airport have led to outsized population growth and a diversified economy that continues to expand year over year.&#8221;<\/p>\n<h2><strong>Eyes wide open<\/strong><\/h2>\n<p>BentallGreenOak has been making strides in increasing its logistics holdings in 2021. The company commenced the year with the <a href=\"https:\/\/www.commercialsearch.com\/news\/bentallgreenoak-pays-74m-for-bay-area-warehouse\/\">$73.5 million purchase<\/a> of North Bay Logistics Center, an approximately 607,200-square-foot facility in Fairfield, Calif., in the San Francisco Bay Area. And in one of the <a href=\"https:\/\/www.commercialsearch.com\/news\/top-5-industrial-transactions-2\/\">top-five U.S. industrial transactions<\/a> in the first five months of 2021, BentallGreenOak acquired the 853,500-square-foot Mid-Atlantic Commerce Center just outside Baltimore in Jessup, Md., for $125 million.<\/p>\n<p>&#8220;We are bullish on major metro areas with strong population growth and diversified economies,&#8221; Paskov said of the company&#8217;s acquisition strategy. &#8220;The expansion of e-commerce has highlighted the importance of distribution channels, and as a result well-connected interstate systems and high-capacity airports are key attributes to consider.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The purchase marks the company&#8217;s second industrial acquisition in a key Atlanta submarket this year.<\/p>\n","protected":false},"author":969,"featured_media":1004554003,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1489,22251,21748,21783,21742],"tags":[46487,32796,44078,33837],"class_list":["post-1004553915","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-atlanta","category-in-focus","category-industrial","category-investment","category-latest","tag-bentallgreenoak","tag-jll","tag-metlife-investment-management","tag-panattoni-development-company"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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