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Agellan Commercial REIT
Agellan Commercial REIT is purchasing two multi-tenanted light industrial properties in Atlanta for US$15.8M, complementing its seven other holdings in the area, including 1256-1351 Oakbrook Drive (above). The newly acquired site, Norcross Springs, consists of four buildings with 322k SF of GLA, and is currently 90% occupied. The REIT expects to leverage its current relationships and knowledge of the Atlanta market to enhance the cash flow and value of the acquisition. The deal is set to close next month and brings Agellan’s portfolio to 4.7M SF GLA in 31 properties.
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