Jones Lang LaSalle Inc.
09/21/2021 | Press release | Distributed by Public on 09/21/2021 06:33
New Atlanta-area bulk distribution asset sells to KKR
ATLANTA, Sept. 21, 2021 -JLL Capital Markets announced today that it has closed the sale of a fully leased, Class A, bulk distribution facility totaling 1.1 million square feet in the PNK Park Southern Gateway at Lambert Farms in the Atlanta-area community of McDonough, Georgia.
JLL marketed the property on behalf of the seller, PNK Group. The property was acquired by KKR through KKR Real Estate Select Trust Inc., a continuously offered, registered closed-end fund.
The asset is part of the 260-acre PNK Park Southern Gateway at Lambert Farms that features one-of-a-kind amenities, including landscaped walking and biking trails; electric charging stations; two food truck courts with seating areas; top-of-the-market building designs; and two easy points of access to Interstate 75. The core facility consists of a two-tenant 1.1 million-square-foot building that is 100 percent triple-net-leased leased to two high-quality tenants, a leading publicly traded direct-to-consumer mattress company and a logistics and supply chain company. Completed in 2020, the cross-dock building feature a 40-foot clear height, LED lighting, ESFR fire protection and two 190-foot truck courts.
PNK Park Southern Gateway at Lambert Farms is positioned in the southeastern part of the Atlanta MSA within the McDonough Industrial micromarket, a desirable location in the I-75 South corridor. This location provides easy access to Atlanta's five major throughfares, including Interstates 20, 85, 75, 675 and 285. This location allows the tenants to reach more than three million people within a 60-minute drive and access approximately 80 percent of the U.S. population within a two-day drive. Additionally, Hartsfield-Jackson International Airport is 25 miles from the property and provides access from metro Atlanta to the Port of Savannah.
The JLL Capital Markets Investment Sales and Advisory team that represented the seller was led by Britton Burdette, Matt Wirth, Dennis Mitchell and Mitchell Townsend.
"The offering came with two high-quality tenants with heavily imbedded operations, which attracted significant buyer interest," Burdette said. "Additionally, the facility developed by PNK is best-of-class and viewed very favorably in the market.""
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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