Ascentris and Huntington Industrial Partners Sell Six Industrial Properties representing over 1,000,000-square feet located in Atlanta, Georgia.
Denver, Colorado (October 20, 2017) – Ascentris, a Denver-based real estate private equity firm, on behalf of one of its public retirement system clients, announced today the sale of a 748,000-square foot industrial portfolio consisting of four buildings located in the Fulton submarket (“Atlanta West Portfolio”) and one building located in the Airport submarket (“3760 Southside”) of Atlanta, Georgia. The properties range in vintage year from 1977 to 1989 and were collectively 100% leased upon sale. Ascentris and Huntington Industrial Properties acquired the properties in 2012 and executed over 549K sf of new and renewal leases and performed $3.2M in capital and tenant improvements during the hold period. The portfolio was purchased by Taurus Investment Holdings.
The portfolio sale to Taurus follows the successful sale of Fairburn 85, a 318,000-square foot cross-dock distribution building that Ascentris and Huntington, in partnership with Trammel Crow Company, developed on a speculative basis and delivered in November 2015. The property was purchased by GLP US Management LLC in September 2017. The building is located on Spence Road, approximately 1.5 miles from I-85, in the I-85 South submarket. Chris Riley and Frank Fallon of CBRE’s Institutional Properties represented the Seller in both sales.
In early 2012, Ascentris launched an industrial acquisition strategy on the premise that there was an opportunity to aggregate, through single property acquisitions, an attractive portfolio of well-located, income-producing industrial warehouse/distribution properties significantly below replacement cost. Ascentris and Huntington Industrial Partners acquired 2.3M sf of such industrial properties in Georgia, Tennessee, Texas, and California and have since sold all but two properties totaling 665,000 square feet.
“The Partnership capitalized on the opportunity to strategically acquire properties to create an infill industrial portfolio in Atlanta as the market was just beginning to recover following the recession. Huntington Industrial Partners did an exceptional job of operating and adding value to the properties during the hold period,” said Ascentris Managing Director Tricia Noble about the Atlanta portfolio.
“We were fortunate to be able work with Ascentris on this project. The continued strength of the Atlanta industrial market provided the opportunity to stabilize these assets and sell into a strong market. We continue to discover opportunities and believe the Atlanta industrial market’s strength will continue for the foreseeable future,” said Huntington Industrial Partners’ David McDaniel.
About Huntington Industrial Partners
Huntington Industrial Partners is an industrial real estate operating company with a strategic focus on acquiring and developing infill industrial properties in select U.S. markets. Huntington has offices in Atlanta, Dallas and Denver that are staffed by local teams with extensive industrial experience, local market knowledge and established networks of market contacts.
About Trammell Crow Company
Trammell Crow Company (TCC), founded in 1948, is one of the nation’s leading developers and investors in commercial real estate. The company has developed or acquired more than 2,600 buildings valued at more than $60 billion and over 565 million square feet. TCC is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, and the world’s largest commercial real estate services and investment firm (in terms of 2016 revenue). For more information, visit www.TrammellCrow.com.