August 12, 2016
Ackerman & Co. closes $23 million sale of Braselton 85 Distribution Center in Braselton, Ga.
Ackerman & Co. sold the 440,165-square-foot Braselton 85 Distribution to Cabot Partners.
Atlanta, August 12, 2016 – Ackerman & Co. announced today that it has completed the $23.2 million sale of Braselton 85 Distribution to Cabot Partners. The 440,165-square-foot, Class “A” bulk distribution center is less than two miles from I-85 and the Georgia Highway 211 interchange in Braselton, Ga. in the Jackson County corridor.
The LEED Silver certified property is 100 percent leased to California-based Petco, who recently signed a 192,461-square-foot, five-year lease at the center, and Kichler Lighting who occupies the remaining balance of 247,704 square feet.
Braselton 85 Distribution Center is located in the sought-after I-85 Northeast submarket, approximately 50 miles northeast of Atlanta. The submarket has quickly become a prime logistics area, attracting a great deal of household name brand tenants including Mizuno, Whole Foods, Carter’s, Hitachi and Havertys.
“With vacancy in the low seven percent, high quality bulk warehouse product in the I-85 Northeast submarket is extremely competitive,” said Ackerman & Co. President Kris Miller. “There are just a handful of bulk projects delivering in the next year and only two are over 550,000 square feet,” he added. Ackerman & Co. is set to deliver Braselton Logistics Center – a new one-million-square-foot bulk distribution center in Jackson County – first quarter 2017.
Ackerman & Co. partnered with Artemis Real Estate Partners in November 2013 to purchase Braselton 85 Distribution Center for $14.1 million. “The Ackerman team created significant value at the property and the investment returns exceeded our expectations,” said Artemis Managing Principal Rich Banjo. “Atlanta continues to exhibit very strong growth and is a target market for our investment funds.”
CBRE’s Brian Budnick, Chris Riley and Frank Fallon marketed the property on behalf of Ackerman & Co. and Artemis Real Estate Partners.
– 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
– About Artemis Real Estate Partners–
Artemis Real Estate Partners is a real estate investment management firm founded in 2009. Artemis invests with best-in-class local operating partners in multifamily, office, industrial, retail, hotel, and senior housing across opportunistic, value added and enhanced core strategies. Artemis has raised over $2 billion of investor capital across two commingled value-add/opportunistic fund vehicles, one commingled core plus healthcare real estate fund, and a series of emerging manager separate accounts with The New York State Common Retirement Fund, New York City Retirement Systems and the Illinois Municipal Retirement Fund. The firm is headquartered in the Washington DC metropolitan area with offices in New York and Los Angeles. Artemis’s sole focus is U.S. commercial real estate. For more information on Artemis Real Estate Partners, please visit www.artemisrep.com