Bridge Logistics Properties acquired a two-building, 1,560,256-square-foot Class A industrial portfolio in McDonough, Georgia. The facility is 30 minutes SE of downtown Atlanta.
The portfolio consists of two fully leased distribution facilities:
- 150 Distribution Drive (760,256 square feet)
- 201 Greenwood Court (800,000 square feet)
In 2017, Commercial Edge reports that 201 Greenwood Court, built in 1999, traded for approximately $39.5 million.
The properties are 100% leased to four tenants—including DHL Supply Chain (Exel Inc.), Caterpillar, and Pregis—providing approximately three years of in-place income. BLP acquired the portfolio below replacement cost with in-place rents approximately 30% below current market levels, which we believe offers substantial mark-to-market upside potential. Over the past decade, Bridge says the McDonough submarket rents have nearly tripled, driven by tenant demand and limited land availability.
McDonough is home to more than 43.7 million square feet of industrial space.
Eastdil Secured facilitated the transaction.
The post Bridge Logistics Picks Up 1.5M-SF McDonough Warehouse Portfolio appeared first on Connect CRE.
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