11/19/2019 | Press release | Distributed by Public on 11/19/2019 15:42
ATLANTA, November 19, 2019 - JLL announced today that it closed the $12.6 million sale of Pactiv Distribution Center, a 300,000-square-foot, fully occupied, warehouse and distribution facility along with an adjacent rail-served concrete terminal and billboard along Interstate 20 in the Atlanta-area community of Covington, Georgia.
JLL marketed the assets on behalf of the seller, IAI Covington, LP. A partnership between Great Point Properties and The RSP Companies acquired the asset.
Pactiv Distribution Center recently underwent significant capital improvements and is currently occupied by Pactiv LLC, a global manufacturer and distributor of food packaging and foodservice products with $3.8 billion of revenue in 2018, and the property operates in conjunction with two other Pactiv-owned facilities less than two miles away. The building features 24-to 26-foot clear heights, 170-foot truck court depth, 14 dock doors, one drive-in door and a low office finish. The rail served concrete terminal is fully leased by Holcim US: the primary U.S. subsidiary of a $27 billion revenue construction materials giant, and the billboard is leased to Clear Channel. Situated on 16.44 acres at 1776 Liberty Drive, the property is in the I-20 East Industrial submarket, which posted the lowest vacancy rate in Metro Atlanta for the 13th consecutive quarter in Q1 2019. The property also has frontage along Interstate 20 about 30 miles from Atlanta, which provides easy access to the Southeastern markets. Additionally, the property is less than one mile from Covington Airport and about 45 miles from Hartsfield-Jackson Atlanta International Airport.
The JLL Capital Markets team representing the seller was led by Managing Directors Britton Burdette and Pete Pittroff and Associate Brent Bono.
'This offering received a very high level of interest and offer count signifying the high demand coupled with limited availabilities in the market for low basis offerings leased to quality tenants within good markets,' Burdette said.
According to a recent JLL Industrial Insight Report, In Q2 2019, the U.S. industrial market maintained the momentum seen in Q1 2019 and continues to be near all-time historic lows. Quarterly completions outpaced net absorption for another consecutive quarter; despite this, the vacancy rate remains stable at 5% due to strong preleasing rates.
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Great Point Properties ('GPP'), a real estate investment company, was founded in 2011 by Darren Anikstein. GPP is focused on investing in real estate special opportunities. These investments range from a value-add walk-up apartment buildings, ground-up development, value-add commercial real estate, cash flowing properties, and high yield lending secured by real estate.
The RSP Companies ('RSP') is an integrated real estate investment management firm comprised of a number of affiliated companies which make strategic acquisitions of real estate assets and perform consulting and asset management services for third-party real estate owners. RSP was formed by R. Scott Prosser after a decade and a half of real estate operational experience spanning across nearly every property type. RSP combines a conservative investment culture with a creative and entrepreneurial approach and seeks to make investments within markets that feature growing demand generators combined with meaningful supply constraints. Through its team of dedicated professionals, RSP focuses on creating long-term value for its investors and clients. Visit rspcompanies.com to learn more.