Delta Community Credit Union Lends $29M on Purchase of Atlanta Industrial Park – Commercial Observer
Fund manager based in Boston Albany Road real estate partner acquired an Atlanta business park from three partners with a $ 29.4 million acquisition loan from Atlanta Delta Community Credit Union, according to Cobb County mortgage records and sources with knowledge of the transaction.
Albany bought the four-building, 281,677-square-foot industrial park for $ 38.5 million from a trio of partners – The passionate companies, Taconic Capital Advisors and Axonic capital – Facilitated by Delta’s five-year acquisition loan as per the county records. The deal was closed on November 30th.
The acquisition of Albany took place through the closed fund vehicle Albany Road Fund III, which was launched last year and has so far committed around 225 million US dollars.
JLL Capital Markets represented the selling party in the transaction according to an announcement from the consultancy. The team consisted of Dennis Mitchell, Matt Wirth, Britton Burdette and Crosby Taylor.
The 22.7 hectare site is located in 120 Interstate Northwest Parkway, approximately 14 miles northwest of downtown Atlanta, near Marietta, Georgia, and is adjacent to major highways I-75 and I-285.
The property, which was built between 1979 and 1982, was inhabited by 36 tenants to 87 percent, according to third-party providers from 2018. The 43 suites are an average of 6,545 square meters. It also has ceiling headroom of 14 to 18 feet; 34 dock-high doors; 39 roll-up doors at ground level; and around 740 parking spaces.
The asset has benefited from a multi-million dollar renovation campaign over the past four years that included the addition of new roofs.
“120 Interstate Northwest is a survivor who escaped redevelopment,” JLL’s Mitchell said in a statement. “The property is a high quality, institutionally owned and managed property that offers the infill light industrial tenant excellent value. The tenants need an industrial function, but they also require a high-end location that offers excellent access and a variety of amenities for employees. “
An official on Albany Road did not respond to an inquiry about his purchase.