JLL Capital Markets announced today that it has closed the $21.7 million sale of Atlanta Last-Mile Center, a recently renovated, 205,541-square-foot, fully leased, last-mile industrial facility in a highly sought-after location adjacent to Hartsfield-Jackson International Airport in Atlanta, Georgia.
JLL marketed the property on behalf of the seller, a joint venture between Hardie Real Estate Group and Palatine Capital Partners. KKR acquired the asset.
Atlanta Last-Mile Center is situated on nearly 30 acres at 2750 Sullivan Rd. in Georgia’s premier Industrial Airport submarket. The property has frontage along Interstates 285 and 75/85, Atlanta’s primary and most-traveled interstates. Adjacent to Hartsfield-Jackson International Airport, the property provides easy access to the world’s most travelled airport, and a CSX rail spur is across the street.
Atlanta Last-Mile Center is fully leased to two tenants, one of which is the world’s largest e-commerce company who uses the facility as a critical, last-mile delivery station to better facilitate one-day delivery. In 2016, the facility underwent $5 million in capital improvements, including a 37,200-square-foot expansion, new truck courts, new dock doors, renovated interior, new electrical system, new ESFR sprinkler system and more.
The JLL Capital Markets team representing the seller was led by Managing Directors Britton Burdette, Matt Wirth and Pete Pittroff; Senior Managing Director Dennis Mitchell; and Associates Mitchell Townsend and Crosby Taylor, along with Managing Director Stephen Bridges, who provided local support.
“This sale demonstrates the desire by buyers to acquire quality, infill, last-mile industrial opportunities,” Burdette said. “With the rise of e-commerce, finding lower coverage opportunities this close into the city at a market basis will be harder to identify as time goes on. This was a great outcome for the seller, and the buyer was able to acquire a one-of-a-kind, last-mile industrial asset which will be in high demand going forward.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.