Ackerman's Braselton Gamble Pays Off

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.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Atlanta Newsletters
Related Stories

1375 Peachtree: A Bespoke Design Redefining The Midtown Atlanta Workspace

Discussing Strategic Capital Stack Structuring At Bisnow's Sept. 30 National Finance Event

Furniture Outlet The Dump Is Getting Dumped In Atlanta

GTIS Partners Rebrands As Brightshore Capital, Launches $250M Debt Platform

'Beyond A Routine Wobble': 10-Year Treasury Clears 5% Ahead Of Key Fed Meeting

Downtown Atlanta Improvement Group Picks Food Bank Chief As Next Leader

Airbnb Launches $250M Fund To Invest In Affordable Housing

Judge Dismisses Suit Alleging Alexandria Misled Investors Over Portfolio Strength

Canadian CRE Investors Shrug Off Trade War, Spend $9B On U.S. Assets

Lineage Suing Solar Company Altus Power Over Boyle Heights Warehouse Fire

HPP, Blackstone Nab Extension On $1.1B Loan Tied To 2.2M SF Hollywood Portfolio

BMO Executive Named New CEO At CREFC