Firm grows industrial portfolio with $12.7-million acquisition.
Expanding its strategically located Atlanta industrial portfolio, Ackerman & Co. has acquired Lavista Business Park, a 4-building, 217,089-square-foot business center in the Tucker/Stone Mountain industrial submarket, one of the most accessible locations for distribution operations in metro Atlanta. Ackerman & Co. purchased the properties for $12.7 million from CRE Lavista LLC (Onward Investors).
Tom Shafer and John Hinson of CBRE represented the seller in the transaction. Frank Farrell, senior vice president of leasing at Ackerman, will lead leasing efforts at the business park, which is 87 percent leased.
“Lavista Business Park provides tenants high-quality, shallow-bay distribution space in an extremely convenient location,” said Kris Miller, President of Ackerman & Co. “With Atlanta’s ongoing population growth and increasing traffic congestion, we’ve learned the value of close-in locations that offer quick access to Atlanta’s major submarkets and the opportunity for last-mile distribution to consumers.”
Lavista Business Park is located 1/4 mile from I-285, the interstate perimeter that encircles metro Atlanta, and provides convenient access to the key transportation corridors of I-85, I-20, U.S. Highway 78, Buford Highway and Peachtree Industrial Boulevard. The property also offers tenants walkable access to nearby shops, restaurants and hotels.
Located on 12 acres at 2000-2062 Weems Road, the business park’s diverse tenant roster includes Sonnen, a German energy firm that recently established its 26,000-square-foot U.S. headquarters and innovation center in the park. Other tenants include the Veterans Administration, Pure Red Marketing and WaveGuide Studios.
The acquisition is part Ackerman & Co.’s ongoing strategy of acquiring well-located, high-quality industrial space near Atlanta’s I-285 perimeter. These major acquisitions include Stone Mountain Industrial Park, a 4.1-million-square-foot business park encompassing 69 buildings in the Tucker/Stone Mountain submarket.
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