LRC Properties JV purchases industrial property in Georgia

LRC Properties in a joint venture with an institutional LP partner has purchased the Zion Industrial property located at 1791 Mt. Zion Road in Morrow, Ga., for $31.5 million.

LRC Properties has several capital improvements planned for the property. The company plans to remove 54,000 square feet from the building to enhance the overall site access, create better traffic flow around the building, and add needed trailer parking and dock space to reposition the property and make it functional. Additionally, LRC will add a new ESFR sprinkler system, LED lighting, and exterior building and paving improvements. The company is working with Mike Sutter from Lee and Associates to lease the building.

“We view Atlanta as a key market and the Atlanta airport submarket as a prime location, so this property was an excellent, value-add opportunity for us to purchase. It is strategically located less than seven miles from Hartsfield-Jackson airport and near major roads, making it con