Colliers Arranges $30M Sale of Georgia Industrial Portfolio
Sealy & Co. acquired the eight-building portfolio from High Street Realty Co. and successfully stabilized it through renewals, expansions and new leasing.
By Evelina Croitoru
Colliers International’s Atlanta-based Industrial Investment Services Group has brokered the $30 million sale of Perimeter East Industrial Park located in Decatur, Ga. Sealy & Co. purchased the 775,339-square-foot portfolio from High Street Realty Co. According to data provider Yardi Matrix, the transaction was subject to a $20 million loan held by JPMorgan Chase that’s due in 2022.
Located at the nexus of Panthersville Road and Clifton Springs Road, the eight-building portfolio is situated on a 66-acre land parcel. The asset is close to Interstate 285 and offers easy access to the Hartsfield-Jackson Atlanta International Airport and Atlanta’s central business district. At the time of the deal, the property was fully leased.
Colliers’ Senior Vice Presidents Dennis Mitchell and Matt Wirth represented the seller in the transaction. High Street purchased the asset in a portfolio sale back in 2014 for $22.1 million, according to public records. At the time of the deal, Perimeter East Industrial Park was roughly 65 percent leased and had the risk of multiple near-term expiration. However, the company successfully stabilized the property through renewals, expansions and new leasing to prepare for a sale.
Images courtesy of Yardi Matrix
