An industrial portfolio once owned by Clarion Partners has gone to the dogs. And cats.
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Clarion sold a two-building distribution facility spanning more than 600K SF in Fairburn to Nestlé Purina PetCare Co. for $108M, the Atlanta Business Chronicle reported.
The sale, which closed Jan. 17, also included 38 acres at the intersection of Terminus Drive and Fayetteville Road, making it one of the largest industrial transactions of the past year. The largest occurred in November when KKR & Co. bought the 1.2M SF Cass-White Logistics Park from Reliant Real Estate Partners for $116M, according to data provided by Avison Young.
Nestlé Purina's purchase included the buildings at 5005 and 5007 Terminus Drive, according to the real estate research firm Databank.
The division of the Swiss food and beverage giant had leased the buildings, which it uses as warehouse space and to make dry pet foods, the ABC reported.
SALES
Kahuna Investments purchased The Hill, a 258-bed student housing complex at 3528 Gentian Blvd. in Columbus, Georgia, for $7M, or $27,400 per bed. Rialto Capital sold the 10-building, 104-unit housing complex a block from Columbus State University. The Hill also provides housing for students at Columbus Technical College and Georgia Military College.
Transwestern Senior Managing Directors Mike McGaughty and Jon Kleinberg brokered the sale.
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A joint venture of Fuqua Development and Benderson Development is building a new Publix-anchored shopping center in Gainesville, What Now Atlanta reports. Fuqua is developing the 49K SF Publix Super Markets store, while Benderson is building an 8K SF separate retail building aimed at restaurants and retailers.
Dubbed Riverbrook Marketplace, the shopping center site is located at the intersection of Thompson Bridge and Price Roads.
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LEASES
Paulson Cheek Mechanical inked a 27K SF lease at Jefferson Plaza, a 118K SF seven-story office building at 3169 Holcomb Bridge Road in Norcross.
Apex Industrial Real Estate Vice President Trey Weghorst represented Paulson Cheek, while CBRE Associate Mark Maggard and Senior Vice President Jessica Doyle represented the landlord, ICM (IX) Jefferson Plaza LLC.
DEVELOPMENT
Jamestown is underway with a 405-unit flex-living tower at Ponce City Market called Scout Living. The property, which will offer residents flexible leases for furnished units for as short as a day or up to a year or more, is the first project in what is anticipated to be a global rollout of the Scout Living brand for Jamestown.
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Alliance Residential has completed Broadstone Peachtree Corners, a luxury apartment complex at 5672 Peachtree Parkway next to Technology Park. The five-story apartment building spans 295 units and is adjoined by a small office component, 20 townhouses and amenity space.
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