Ackerman Gets A Buy With A Little Help From Its Pet Friends
Barely six months after filling its warehouse with Petco, Ackerman & Co has sold Braselton 85 Distribution Center for $52.70/SF. Cabot Partners picked up the 440k SF warehouse off Georgia Highway 211 in Braselton for $23.2M. Braselton 85 was an unusual gamble by Ackerman's Kris Miller; the firm purchased it in a JV with Artemis Real Estate Partners for $14M in 2013. But it paid off since the firm was able to quickly lease up the facility to Petco for 193k SF. Kichler Lighting already had a 248k SF lease. CBRE's Brian Budnick, Chris Riley and Frank Fallon brokered the sale. Ackerman, in a JV with The Yates Group, is developing a more than 1M SF bulk cross-dock distribution facility off Broadway Avenue in Jackson County. The deal got going after Ackerman purchased a 107-acre parcel from Synovus Bank for $4.5M earlier this year. The spec project will deliver by 1Q 2017.
