March 3, 2017
Ackerman & Co. Announces Off-Market 274,791-Square-Foot Acquisition in Atlanta’s I-20W/Fulton Industrial Submarket
The all-equity transaction was sourced through a new partnership with a leading European private equity group.
ATLANTA, GA, March 03, 2017 – Ackerman & Co., a full-service commercial real estate firm, announced today the recent acquisition of a three-building industrial portfolio in the Westgate Business Park in Atlanta, Ga. The three buildings (5215, 5245 and 5260 Westgate Drive) were purchased in an off-market deal from Clarion Partners, LLC for $7.55 million.
The three well-located, front-load, shallow-bay industrial buildings total 274,791 square feet and are fully occupied. Ackerman & Co.’s in-house team will provide leasing and management services for the new acquisition. The deal was facilitated by Cushman and Wakefield’s Stewart Calhoun and Casey Masters. The all-equity transaction was sourced through a new partnership with a leading European private equity group.
“The I-20W/Fulton Industrial Submarket continues to be a top performer with low vacancy and steady quarter-over-quarter average rental rate growth,” said Kris Miller, President of Ackerman & Co. “We are very excited about this opportunity to purchase highly functional industrial properties in a key submarket,” he added.
The company plans to continue expanding and upgrading its industrial real estate presence, primarily through shallow-bay and bulk industrial acquisitions, throughout of Metro Atlanta. Ackerman & Co. is currently developing a 1,000,812-square-foot bulk distribution center in the I-85 Northeast Atlanta submarket.
– About Ackerman & Co. –
Headquartered in Atlanta, Ackerman & Co. is a privately held, full-service commercial real estate firm focused on providing quality investment, brokerage, management and development services in the Southeast. The company, founded in 1967, retains an expert team of more than 100 real estate professionals. To date, Ackerman & Co. has developed and acquired nearly 35 million square feet of office, medical, industrial, retail and mixed-use space, has more than 7 million square feet under management, and maintains an investment portfolio valued at $1 billion.
For more information on Ackerman & Co., visit www.ackermanco.com