Woodmont Buys 519 KSF Atlanta-Area Asset
The storage and distribution facility, which last traded in 2014, underwent cosmetic renovations and was almost 50 percent leased at the time of sale.
By Tudor Scolca
1791 Mount Zion in Morrow, Ga.
Woodmont Industrial Partners has acquired a 519,521-square-foot storage and distribution facility in Morrow, Ga. Continental Property Group sold the asset for $9.2 million, with a NAI Brannen Goddard team representing the company in the transaction.
Built in 1971, the property is located at 1791 Mount Zion Road. Continental completed cosmetic renovations of the facility in 2014, including the addition of a new thermoplastic polyolefin roof. The asset features 72 dock-high loading doors, two drive-in doors, 22-foot clear ceiling heights, column spacing of 26 by 48 feet and 3200-amp power supply at 277/480 volts.
Continental had acquired 1791 Mount Zion in 2014 for the same price tag, and assumed a $5.5 million loan originated by Synovus Bank, due June 2019. The facility is located off Interstate 75, in the Airport/North Clayton County industrial submarket. Other major thoroughfares are in proximity, including Tara Boulevard and Interstate 675. At the time of the transaction, the industrial asset was 49 percent leased to XPO Logistics.
Image courtesy of NAI Brannen Goddard
You must be logged in to post a comment.