Within weeks of completing an industrial buy in Ellenwood, Georgia, Denver-based EverWest Real Estate Investors has announced another metro Atlanta industrial acquisition, totaling 21.1 acres of land and two recently completed, fully speculative state-of-the-art distribution buildings.
The purchase continues EverWest’s investment push in the Atlanta market, with a focus on strategically located warehouse product and low-coverage land sites for Industrial Outdoor Storage (IOS).
The new EverWest asset is located at 9485 Highway 42 North in Rex, Georgia, directly fronting Highway 42 and less than one mile from I-675, which offers quick access to I-75, I-285 and the Hartfield-Jackson International Airport. It includes two brand new, Class A industrial distribution buildings totaling 268,400 square feet and situated on a large site zoned for light industrial use.
“This property offers tremendous flexibility and upside through the lease-up of space at current market rents,” said Tyler Williams, EverWest managing director of Southeast Acquisitions. “The buildings were delivered in turnkey condition with spec office suites available to quickly accommodate tenant demand, and with features that make them ideal for small and midsize users.”
Totaling 130,000 square feet and 138,400 square feet, the Rex distribution buildings offer 32’ clear height, LED lighting, ESFR sprinklers, wide columns and 72 dock-high and four drive-in doors in a rear-load configuration. They also have features attractive to small and midsize users such as 200’ building depths, above-market dock ratios and various storefronts to provide flexibility for single or multiple tenants.
“Most new construction in the I-675 and Airport corridor has been bulk facilities greater than 500,000 square feet, and existing inventory consists of Class B space with lower clear heights,” said Williams. “Our buildings capitalize on the supply-demand imbalance for high-quality, modern infill product servicing smaller tenants.”
The JLL team of Britton Burdette, Dennis Mitchell, Matt Wirth, Mitchell Townsend and Jim Freeman brokered the transaction between EverWest and InLight, the project’s developer.
EverWest currently has $5.2 billion in assets under management, invested through separately managed accounts and commingled funds. It provides investment management services including acquisitions, asset management, development and property management for assets throughout the U.S.