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Dealmaker: JLL Income Property Trust Acquires Atlanta Distribution Center for $54M
JLL Income Property Trust, Chicago, acquired Northeast Atlanta Distribution Center, a 458,000-square-foot Class A industrial property, for $54 million.
The recently constructed single-tenant warehouse is in the northeast Atlanta industrial submarket, one of the area’s top industrial property submarkets.
JLL Income Property Trust President and CEO Allan Swaringen said the property fits into the real estate investment trust’s industrial portfolio due to its location near transportation infrastructure, Class A construction and the positive dynamics of Atlanta’s industrial market.
“The Northeast Atlanta industrial submarket has seen exceptional rent growth, leading the way for all of Atlanta’s submarkets,” Swaringen said. “Atlanta overall has proven to be a strong industrial market and is ranked fifth nationally by LaSalle Research & Strategy due in part to its business-friendly tax structure, easy access to major thoroughfares and large employment base.”
Atlanta is the fourth-largest warehouse market in the U.S. with nearly 800 million square feet of industrial space and a well-developed transportation network of interstate highways, the nation’s busiest airport and rail infrastructure including direct links to the Port of Savannah, Ga. The city is within a two-day drive from nearly 80 percent of the U.S. population. The Northeast Atlanta submarket has seen 11.3 percent industrial rent growth and 39 percent rent growth over the past five years.