CBRE has facilitated the sale and $69.9 million acquisition financing of a two-building industrial portfolio totaling 1.6 million sq. ft. in Atlanta, GA and Memphis, Tenn. An undisclosed buyer purchased the portfolio from JW Mitchell Co.
Frank Fallon, Trey Barry, José Lobon, Royce Rose and George Fallon with CBRE National Partners Southeast, and Ryan Bain, Zach Graham, Bentley Smith with CBRE National Partners North Central represented the seller in the transaction. Brian Linnihan, Mike Ryan, Richard Henry and Taylor Crowder with CBRE Capital Markets’ Debt & Structured Finance team in Atlanta secured the loan from Wells Fargo on behalf of the buyer.
The portfolio’s facilities include:
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A 613,440 sq.-ft. cross-dock warehouse located in Braselton, Ga. The facility was built in 2016 and is 100% occupied by a large e-commerce provider. It features 36 clear height, a 190’ to 200’ all concrete truck courts, and 136 dock-high doors, as well as 171 trailer- and 76 car-parking spaces.
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A 1,013,500 sq.-ft. cross-dock warehouse located in Memphis, TN. The facility was built in 2021 and is 100% occupied by Medtronic, a global healthcare technology company. It features 40’ clear heights, 200’ truck court, and 180 dock-high doors, as well as 268 trailer- and 616 car-parking spaces.
“These Class A assets garnered interest from multiple buyers,” said Frank Fallon, a Vice Chairman with CBRE in Atlanta. “The buildings’ investment-grade tenants highlight the strong real estate fundamentals of each location, and the buyer stands to benefit from mark-to-market opportunities over its hold period.”
“We engaged in a highly collaborative effort with the National Partners team to bring this deal to fruition,” said Brian Linnihan, a Vice Chairman with CBRE in Atlanta. “The Sponsors’ track record as an investment manager with holdings across the country enabled us to secure financing that aligned with its overall investment strategy.”
The facilities are situated in Atlanta and Memphis’ key, in-demand logistics submarkets known for their ease of distribution. The portfolio includes a warehouse in Atlanta’s Northeast/I-85 industrial submarket, which saw 2.1 million sq. ft. of net absorption in Q4, according to CBRE Research. It also includes a building in Memphis’ Southeast industrial submarket, which provides quick access to I-55, I-240, Memphis International Airport, FedEx World Hub, and UPS Cargo Hub.