JLL Income Property Trust has acquired the Mason Mill Distribution Center, a newly-constructed 340,000 square-foot class A industrial property in Atlanta's northeast submarket located in Buford, Georgia.
The purchase price was approximately $31 million.
The property is fully leased to a publicly-traded global pharmaceutical distribution company through 2027. The tenant invested heavily in the property which is a mission critical facility servicing the southeast region.
Atlanta is the largest economy in the Southeast United States and the region's hub for finance, commerce, communications, transportation, education and cultural activity. Atlanta has earned the reputation for being one of the most business-friendly cities in the United States, with more than 75 percent of Fortune 1000 firms having operations in the metro area, and 15 of the Fortune 500 companies choosing Atlanta for their headquarters.
The population of Atlanta is expected to grow by an average of 2.1 percent annually over the next five years according to economy.com, indicating the current growth rate among industrial tenants attracted to the local consumer base should continue.
The northeast submarket where Mason Mill Distribution Center is located is Atlanta's largest and has historically been the favorite of institutional investors and tenants. The close proximity to the Golden Triangle executive housing, access to skilled labor and the immediate interstate infrastructure provide an ideal location for higher employee count operations required by large, multinational tenants. This area has higher barriers to entry due to topography, few available developable land sites, and the increased resistance by municipalities to permit industrial development, which is curtailing new starts compared to other adjacent submarkets.
