Delta Community Credit Union Lends $29M on Purchase of Atlanta Industrial Park
Boston-based fund manager Albany Road Real Estate Partners has acquired a light industrial business park in Atlanta from a trio of partners, with a $29.4 million acquisition loan from Atlanta-based 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 Ardent Companies, Taconic Capital Advisors and Axonic Capital — facilitated by Delta’s five-year acquisition loan, as per county records. The deal closed on Nov. 30.
Albany’s purchase was made through its closed-end fund vehicle, Albany Road Fund III, which was launched last year and has about $225 million committed to date.
JLL (JLL) Capital Markets represented the selling party in the transaction, as per an announcement from the advisory firm. The team consisted of Dennis Mitchell, Matt Wirth, Britton Burdette and Crosby Taylor.
The 22.7-acre site is located at 120 Interstate Northwest Parkway, about 14 miles northwest of downtown Atlanta, near Marietta, Ga., and sits adjacent to major interstate highways I-75 and I-285.
Built between 1979 and 1982, as per third-party listing information from 2018, the property is currently 87 percent occupied by 36 tenants, and its 43 suites average 6,545 square feet in size. It also sports ceiling clearing heights ranging from 14 to 18 feet; 34 dock-high doors; 39 ground-level, roll-up doors; and about 740 parking spaces.
The asset has benefitted from a multimillion-dollar renovation campaign over the last four years that saw the addition of new roofing, among other improvements.
“120 Interstate Northwest is a survivor that has escaped redevelopment,” JLL’s Mitchell said in a statement. “The property is a high-quality, institutionally-owned and -managed asset providing excellent value to the infill light industrial tenant. The tenants require industrial function, but also demand a high-end location that offers employees excellent access and a wide variety of amenities.”
An official at Albany Road did not respond to an inquiry about its purchase.