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A major third-party logistics provider is securing its place to deliver airplane parts just 9 miles south of Hartsfield-Jackson Atlanta International Airport.
XPO Logistics inked a 255K SF renewal at 1791 Mount Zion Road, a 500K SF distribution center just off Interstate 75 in Morrow. Colliers International Associates Brian Camp and Max Ellis represented the landlord, Woodmont Industrial Partners. Dan Rose with Real Estate Advisory Partners represented XPO.
The deal was well under negotiations before the COVID-19 pandemic, Woodmont Vice President Anthony Amadeo said. XPO provides delivery and storage services for other companies. In the case of its Morrow operations, Amadeo said the firm was delivering parts for a Fortune 500 company to service airplanes at Hartsfield.
“That's why the proximity to the airport works for them,” he said.
Woodmont is in acquisition mode and is closing on four land parcels and two existing warehouse deals, Amadeo said. Despite the difficulties posed by the global pandemic and its impact on commercial real estate, Amadeo said he sees the industrial sector as emerging from the downturn even stronger as more consumers become used to shopping online. For e-commerce companies, a robust industrial backbone is critical.
“From the industry and my peers, I haven't heard of too many [tenants] not being able to pay rent,” he said. “And I'm still very bullish on the industrial sector. It's the one CRE [sector] that comes out of this, not unscathed, but stronger.”
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