Panattoni has announced the $112 million sale of a two-property, class A, institutional-quality bulk industrial portfolio totaling 949,211 square feet in the Atlanta-area communities of Adairsville and Cartersville, Ga.
Affiliates of LXP Industrial Trust acquired the asset.
“The team saw strong institutional demand for this core-plus industrial offering, due to the ability to acquire critical mass in the burgeoning Northwest Atlanta Industrial submarket and its unique profile of stability through multiple long-term leases to anchor tenants, as well as upside through leasing of vacant space,” said Dennis Mitchell of JLL Capital Markets Investment Sales and Advisory team, which marketed the property on behalf of the seller. “As new, core product continues to be delivered and leased in the 75 North Corridor, we anticipate seeing continued rental rate growth and investment from both developers and institutional capital.”
The portfolio comprise
