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A Boston warehouse investor is paying $16M bet for a 1980s-era distribution hub in Braselton that was once used by Mitsubishi.
Novaya Foxfield Industrial purchased 1001 Cherry Drive, a 455,600 SF warehouse in Braselton right off Interstate 85, for $16.3M, or nearly $36/SF, from Mayfield Properties. Colliers International Atlanta Senior Vice Presidents Dennis Mitchell and Matt Wirth brokered the sale.
The facility was originally constructed in 1986 for Mitsubishi Consumer Electronics. After Mitsubishi vacated, the facility was converted for multiple tenants. At the time of the sale, two tenants occupied the whole of the facility, including TransSouth Logistics.
The investment by Novaya Foxfield comes at a time when the Atlanta industrial market is on a tear. More than 13M SF of new warehouse space has been delivered so far in 2018, of which 86% was pre-leased, according to a recent Cushman & Wakefield report. Average vacancies across the metro area remain below 9%, despite the new supply. More than 20M SF of leases have been signed over the past 12 months ending in September.
“We expect leasing activity and occupancy will maintain their consistent strength through the end of 2018, as economic growth and industrial job creation continue without pause,” Cushman & Wakefield officials stated.
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