APG Buys 100 KSF Industrial Building in Atlanta

Atlanta Property Group has acquired 2395 Pleasantdale, a 100,000-square-foot industrial building in Norcross, Ga. NAI Brannen Goddard sold the property, according to CommercialEdge data.

The seller purchased the asset back in 2008 for $5.5 million, the same source shows. Completed in 1987, the property features suites ranging from 5,000 to 12,000 square feet, 13 dock-high doors, 21-foot clear heights and approximately 168 parking spaces.

At the time of the sale, a total of nine tenants occupied 94 percent of 2395 Pleasantdale. The roster includes Delta Floors, Digiprint Ink, Duct-Max Supply, The Atlanta Office Furniture Store and Kornfield.

The property is in central Norcross, near Interstate 85, Route 23 and Interstate 285, which provide easy access across the Atlanta metropolitan area. Smith Haverty, partner at APG, said in prepared remarks that the market continues to experience tremendous growth.

APG’s industrial portfolio continues to grow, remaining an active participant within the industrial market. The company has deployed more than $135 million of capital since 2022, while also planning to invest $100 million of committed equity into existing distribution properties across different locations by the end of 2024.

In line with nationwide trends, the high cost of capital has led to Atlanta’s investment volume falling 56 percent year-to-date through November when compared to 2022, according to a recent CommercialEdge report. A few notable sales closed within the metro last year, including properties that were part of the $3.1 billion transaction between Blackstone and Prologis.