Business & Investment

Bentall Green Oak Buys One MSF Warehouse

BentallGreenOak has expanded its industrial presence in the Atlanta metropolitan area with the recent acquisition of 355 Horace Head Road, a one-million-square-foot bulk distribution warehouse in Jefferson, Georgia. A joint venture between MetLife Investment Management and Panattoni Development Co. Inc., with a transaction worth $ 78.7 million.

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Located just off Dry Pond Road in the I-85 Corridor in northeastern Atlanta, the 355 Horace Head was offered as a speculative development in the third quarter of 2020, and was the only major product in Atlanta’s metropolis this quarter. It was completed. Investors continue to “flock to the sector” in Atlanta, as described in JLL’s Q3 2021 report, making it easy to land state-of-the-art real estate ready for lease-up. It’s not that.

Joseph Paskov, Vice President of Investment at Bentall Green Oak, said: Commercial Real Estate Executive.. “We have been looking for alternatives to investing in the market by taking on the calculated risks in exchange for the returns commensurate with those risks.”

355 Horace Head Road, Jefferson, GA. Image courtesy of NAI Brannen Goddard

Today, the 355 Horace Head features an existing vacant warehouse of over 1 million square feet in the big city of Atlanta. Originally named the Jefferson Logistics Center by the development team, the cross-dock facility offers many coveted features, from a clear height of 36 feet to two speculative office pods totaling about 3,200 square feet. Offers.

The acquisition of 355 Horace Head constitutes the second industrial acquisition of Bentall Green Oak in the Atlanta market in 2021. The company has good reason to expand its position in the region.

“Atlanta is one of the top six markets in the country in terms of manufactured goods and has experienced strong foundational fundamentals driving record leasing activities,” Paskov said. “The city is concentrated in the southeast, with a significant population growth and an ever-expanding economy due to the educated workforce from quality universities and world-class international airports.”

Open your eyes

BentallGreenOak has made progress in 2021 by increasing its logistics holdings. Buy $ 73.5 Million At the North Bay Logistics Center, an approximately 607,200-square-foot facility in the San Francisco Bay Area of ​​Fairfield, California, Top 5 US Industrial Transactions In the first five months of 2021, BentallGreenOak acquired the 853,500-square-foot Mid-Atlantic Commercial Center on the outskirts of Baltimore, Jessup, Maryland, for $ 125 million.

“We are bullish in major metropolitan areas with high population growth and diversified economies,” Paskov said of the company’s acquisition strategy. “The expansion of e-commerce has highlighted the importance of distribution channels. As a result, the proper connection between interstate highways and high-capacity airports is an important attribute to consider.”

Bentall Green Oak Buys One MSF Warehouse Bentall Green Oak Buys One MSF Warehouse

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