ProLogis has announced that it has significantly expanded its portfolio in Atlanta through the acquisition of four bulk distribution centers and 115 acres of land.
The distribution centers, which are 100% leased and total almost 1.5 million square feet of industrial space, were purchased for approximately $60 million. Customers at the facilities include Bombay Company, Lund International, Siemens Energy & Automation, and Tyco International.
The land parcel, located along Interstate 85 in northeast Atlanta, was acquired in a separate transaction. The property can accommodate up to 1.35 million square feet of industrial development at full buildout.
"We're very pleased to have completed these acquisitions, which significantly extend our position as Atlanta's leading industrial facilities provider," said Richard Strader, senior vice president and regional director of capital deployment. "We now operate over 18 million square feet of industrial space throughout the metropolitan area - approximately 25 percent more than our largest competitor - and our land positions in both north and south Atlanta provide us with substantial future development capacity."
Two of the bulk distribution facilities are located northeast of Atlanta along the I-85 corridor. Another is in the I-20 West/Fulton submarket, near Fulton Industrial Park. The fourth is in south Atlanta in Midland Industrial Park, off of Interstate 75.
David Welch, ProLogis first vice president and market officer, noted that customer demand for new space in Atlanta remains strong, and that ProLogis' occupancy levels continue to exceed market averages in key submarkets around the city. "We look forward to integrating our new properties into the ProLogis portfolio and to providing world-class service to our customers at each location," said Welch.
The land parcel acquired by ProLogis is located on U.S. 129 in Jackson County, less than two miles from I-85's Exit 137 and near the Valentine Industrial Park. The site can accommodate a single building of up to 1.35 million square feet, or multiple smaller facilities.
"This property will serve as a prime location for bulk distribution in northern Atlanta," Welch said. "The market for big box facilities in the area has been highly active over the past 12 months, and we look forward to capitalizing on future opportunities as they arise."