INDUSTRIAL VET RETURNS. AGAIN.
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|Lathan Allen is doing what he does best. With a new company. Again.|
|A year after moving over to JLL, Lathan, right, joined Denver-based Huntington Industrial Partners and opened its Atlanta office along with industry vet David McDaniel, left. (Wanderlust is a powerful thing; we learned that when we ended up in a Dutch "correctional facility.") And the duo, in a partnership with Denver-based private equity firm AmStar Group, bought two warehouses in the Southeast, including 3760 Southside Industrial, a 187k SF warehouse near the airport that is leased by Pratt Industries. Lathan wouldn't disclose the price, but says both warehouses were bought below replacement cost.|
|Here's the Atlanta warehouse, purchased from a local investor. The other one is a 188k SF warehouse at 1325 Heil Quaker Blvd in Nashville, bought from Eaton Vance. Lathan tells us they plan to look for other value-add opportunities in the region: ?Our current strategy is to buy industrial buildings below replacement cost. We typically target assets that have problems with vacancy or deferred capex.? Also, new development may be in Huntington's future—even though the market's more conducive to acquisitions right now, he expects to get back in the game at some point. (You can take the development out of the market, but you can't take the builder out of the boy.)|