February 6, 2009
Ackerman & Co. Buys Gateway Industrial
Ackerman & Co. announced today its purchase of Gateway Distribution, a two-building 410,000-square-foot distribution warehouse facility on Fulton Industrial Boulevard near the intersection of Fulton Industrial and Camp Creek Parkway. Ackerman Gateway LLC – a private investment group formed to purchase the property and managed by Ackerman & Co. – bought Gateway for $6 million from a fund managed by ING Clarion.
Chris Riley, Brian Budnick and Frank Fallon with CB Richard Ellis Group Inc. in Atlanta brokered the transaction. Kate Sharp, Vice President, and Mike Martin, Senior Vice President, both with Ackerman, have been named to lease the property.
Gateway Distribution is 50 percent leased to Carolina Logistics Services and is directly served on the property by a CSX rail line.
“From an investment and ownership perspective, the industrial market, in our view, demonstrates real upside potential, particularly at current valuations. Ackerman is expected to penetrate this market further in the coming quarters,” said Kris Miller, President of Ackerman & Co. Gateway also is a potential value-add investment by Ackerman, especially for a property directly served by a major railroad, Miller said.
This purchase represents a major transition for the full-service Atlanta-based commercial real estate company, which is one of the metro area’s largest landlords, with 4 million square feet of office property owned.
— ABOUT ACKERMAN —
Headquartered in Atlanta, Ackerman & Co. is one of the oldest full-service commercial real estate companies in the southeastern United States. Our expertise in four primary disciplines —brokerage, development, investment and management — enables us to quickly and effectively respond to our clients and create value through innovative real estate solutions.