Ascentris and HIP Successfully Sell Skyview Distribution Center – Atlanta, GA
Denver, Colorado (April 6, 2017) – Ascentris, a Denver-based real estate investment manager, on behalf of one of its public retirement system clients, announced today the sale of Skyview Distribution Center, a 225K sf light industrial building located in the I-20 West submarket of Atlanta, Georgia. The state-of-the-art building, which features a front-loading configuration and 32’ clear height, was developed in partnership with Huntington Industrial Partners. Construction was completed in August 2016.
Skyview began as a speculative development following the acquisition of the land parcel in 4Q-2014. Shortly after completion in August 2016, a lease was executed with Z-Gallerie, a national furniture retailer, for 100% of the building. The building was marketed for sale by CBRE in January 2017 and received significant interest from prospective buyers.
Skyview is one of two speculative industrial developments that Ascentris and Huntington Industrial Partners recently developed in Atlanta. The other, Fairburn 85, is a 318K sf cross-dock warehouse building that Ascentris and Huntington, in partnership with Trammel Crow Company, developed on a speculative basis and delivered in November 2015. The building is located on Spence Road, approximately 1.5 miles from I-85, in the I-85 South submarket, and is currently 60% leased to DHL.
“The partnership made the decision to develop Skyview and Fairburn when it realized that the Atlanta industrial market had entered the recovery stage of its cycle. In 2014, new development of Class A industrial space was extremely limited and rental rates were just beginning to increase for the first time since the recession,” said Ascentris Managing Director Tricia Noble.
“We were pleased to have so much demand for Skyview, both as a property for lease and as an income property for sale. This is because of its close-in location, allowing it to be an excellent last-mile distribution facility for the Atlanta metropolitan area as well as a regional distribution facility for a tenant like Z Gallerie,” said Huntington Industrial Partners’ David McDaniel.
Todd Barton of CBRE performed the leasing at Skyview Distribution Center and Chris Riley and Frank Fallon of CBRE’s Institutional Properties team brokered the sale.
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.