A NJ Investor Just Became a Big ATL Owner Overnight
Hartz Mountain purchased 35 warehouse buildings in both Peachtree Corners and Marietta for $130M, or $50/SF, sources tell us.
The seller: Clarion Partners. Those projects include nearly 2M SF in 27 buildings at Peachtree Corners Business Park off Jimmy Carter Boulevard and eight buildings totaling 552k SF at Kennestone Corners. CBRE's Chris Riley, Frank Fallon, and Brian Budnick brokered the deal for Clarion.
The portfolio—more than 90% occupied—was a topic at our recent Industrial Summit when MDH Partners Jeff Small (right, with Gwinnett CID's Chuck Warbington) commented that he, too, bid on it. Jeff says the portfolio with buildings from the '70s and '80s (many of which were owned by his grandfather at one point) traded at a 6-cap. “This is a deal we got very aggressive on, and we came in third place,” he told our audience.
