BentallGreenOak adds to its position in Atlanta with acquisition of 1M sq. ft. warehouse in Jefferson, GA
New York - (October 13, 2021) — BentallGreenOak (“BGO”) announced today that it acquired a vacant 1,015,740 square foot bulk distribution warehouse at 355 Horace Head Road for $78.7 million. The acquisition represents BGO’s second industrial purchase in Atlanta in 2021, with both assets located in Northeast Atlanta along the I-85 corridor. The property, delivered in Q3 2020 by a joint-venture between MetLife Investment Management and Panattoni, is currently the only existing vacant warehouse one million square feet or greater in Atlanta, making it uniquely positioned to capitalize on strong leasing fundamentals taking place across the metro area.
“Atlanta has experienced unprecedented leasing absorption over the past 12 months, driven by robust population growth across the MSA and a continued emergence of e-commerce related activity,” said Joe Paskov, Vice President, Investments for BentallGreenOak. “We are believers in the I-85 corridor as an economic engine in the Southeast, providing unparalleled connectivity between five major markets with pro-business environments and strong labor pools. This acquisition represents an opportunity to invest in quality real estate in a growth-oriented location, at a time when institutional interest in Class-A industrial assets have compressed cap rates to historically low levels.”
The warehouse features 36’ clear heights, 185’ truck courts, 570’ building depths, 400 auto parking spaces (expandable by 88+), 227 trailer parking spaces, and two speculative office pods totaling 3,150 square feet.
About BentallGreenOak
BentallGreenOak is a leading, global real estate investment management advisor and a globally-recognized provider of real estate services. BentallGreenOak serves the interests of more than 750 institutional clients with approximately $69 billion USD of assets under management (as of June 30, 2021) and expertise in the asset management of office, industrial, multi-residential, retail and hospitality property across the globe. BentallGreenOak has offices in 24 cities across twelve countries with deep, local knowledge, experience, and extensive networks in the regions where we invest in and manage real estate assets on behalf of our clients in primary, secondary and co-investment markets.
BentallGreenOak is a part of SLC Management, which is the alternatives asset management business of Sun Life.
The assets under management shown above includes real estate equity and mortgage investments managed by the BentallGreenOak group of companies and their affiliates, and as of 1Q21, includes certain uncalled capital commitments for discretionary capital until they are legally expired and excludes certain uncalled capital commitments where the investor has complete discretion over investment.
For more information, please visit www.bentallgreenoak.com
About Panattoni
Founded in 1986, Panattoni Development Company, Inc. is one of the largest privately held, full-service development companies in the world. Panattoni is headquartered in Newport Beach, California, and operates from 38 offices in the United States, Canada and Europe. Since inception, Panattoni has developed more than 525 million square feet of space including more than 196 million square feet of build-to-suit projects. Panattoni has developed industrial, office, and flex facilities in 310 cities located in 29 states and nine countries. Learn more at www.panattoni.com.
Media Contact:
Rahim Ladha
Global Head of Communications, BentallGreenOak
media@bentallgreenoak.com
