Foxfield Expands in Atlanta With $19M Purchase

Foxfield has acquired a 169,252-square-foot industrial building in Duluth, Ga., within Atlanta’s Northeast submarket.

The property changed hands for $19 million from seller Barco, according to CommercialEdge. The same source shows that the new ownership also secured a $8.6 million acquisition loan from Aegon Insurance Co., with a maturity date set for 2031.

JLL and Hailey Realty Co. worked on behalf of the seller. The deal was a sale-leaseback agreement, with Barco continuing to fully occupy the space under a six-year, triple-net lease.

Foxfield expanded in the Southeast region with this deal and also marked the 14th acquisition made through its Foxfield Open-End Fund, that opened in 2020 and has been targeting fully leased Class A and B industrial and flex/R&D assets.

The industrial facility came online in 1998 and is at 3059 Premiere Parkway. The property includes 24-foot clear heights, front-load configuration, seven dock-high doors, two drive-in doors and ample parking space.

The 12-acre asset is close to Interstate 85 and U.S. Route 23, allowing easy access to major transportation routs in the Atlanta region. DeKalb-Peachtree Airport is 19 miles from the facility, while Atlanta is 28 miles away and Hartsfield-Jackson Atlanta International Airport is within 40 miles.

Senior Managing Directors Dennis Mitchell, Matt Wirth and Britton Burdette, together with Director Jim Freeman with JLL’s Investment Sales and Advisory team negotiated on behalf of the seller. Hailey Realty Co.’s Executive Vice President Howard Boyd and Vice President John Crawford also provided assistance.

Atlanta industrial metro among the best in the U.S.

The industrial real estate investment volume in metro Atlanta reached nearly $2 billion as of October, according to a recent CommercialEdge report. The volume put Atlanta among the top 10 best-performing industrial markets in the U.S. Industrial properties traded at an average sale price of $116 per square foot, below the national average of $129 per square foot, while in-place rents reached $6.06 per square foot, marking a 9 percent year-over-year increase.

In October, Faropoint purchased two light-industrial properties in Doraville, Ga. and Morrow, Ga. The assets are totaling some 253,500 square feet of space and traded from Ivanhoé Cambridge, with the assistance of the same JLL team.

Another notable deal in Atlanta was Adler Real Estate’s $49.6 million acquisition of a four-building industrial campus that was 97 percent leased at the time of the sale. JLL represented the seller and helped in securing the acquisition financing.