Jones Lang LaSalle Inc.
07/17/2024 | Press release | Distributed by Public on 07/18/2024 10:06
Sale and financing secured for 120 Interstate NW in Atlanta
ATLANTA, July 17, 2024 - JLL Capital Markets announced today that it closed on the sale and financing of 120 Interstate NW, a four-building light industrial business park in Atlanta, Georgia.
JLL represented the seller, Albany Road Real Estate Partners, while Adler Real Estate Partners acquired the property. Additionally, JLL worked on behalf of the new owner to secure an acquisition loan.
The property is currently 97% leased and boasts a diverse tenant base of 35 tenants. This institutional-quality portfolio spans 281,677 square feet and features flexible dock high and grade level loading configurations along with abundant parking.
Strategically located in Northwest Atlanta's Cumberland-Galleria business district, 120 Interstate NW offers easy access to various popular districts and neighborhoods, including The Battery, Buckhead, Downtown and the Cumberland Community District. This advantageous position allows tenants to access Atlanta's most prosperous demographics, schools and centers of population density.
The JLL Capital Markets Investment Sales and Advisory team was led by Senior Managing Directors Matt Wirth, Dennis Mitchell and Britton Burdette along with Director Jim Freeman. Senior Managing Director Melissa Rose, Senior Director Bobby Norwood and Director Hunter Goldberg spearheaded the JLL Debt Advisory team.
"Given the increasing development and repurposing of industrial properties within Atlanta's perimeter in recent years, urban and high-density suburban infill markets are facing a massive shortage of small bay industrial and flex supply. As a result, we're seeing a surge in tenant demand for space close to densely populated areas with interstate connectivity," said Wirth. "120 Interstate NW presented a unique opportunity to acquire an exceptional asset in the Atlanta metro, offering functionality along with immediate access to amenities, interstate access and affluent residential neighborhoods."
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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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The Albany Road team collectively brings more than 200 years of real estate, investment banking, and venture capital experience to its established platform. The diverse, yet complementary, skill sets of the group provide the firm with a unique perspective and discipline that is utilized in evaluating a wide range of real estate opportunities. Since its launch in 2012, Albany Road has acquired 80 properties across 13 states, totalling 16.5 million square feet, with a gross asset value of over $2 billion. Specifically, within the Southeast, the firm has acquired 6.5 million square feet across 40 assets, with an asset value of over $900 million. Albany Road has offices in Boston, Nashville, Dallas, Denver, and San Francisco.
Adler Real Estate Partners is a leading, vertically integrated light industrial owner based in Miami, Florida. The Company is highly focused on a specific market sector, enabling it to generate favorable risk adjusted returns. Formed in 2012 as an independent company, the firm carries in its DNA a successful 50-year track record of acquiring and operating multi-tenant commercial real estate assets of Matthew Adler's legacy family business, the Adler Group. By vertically integrating its operations, the firm leverages its property and asset management expertise to add value across the entire spectrum of its investments.