Atlanta-based commercial real estate firm acquires facility from Block Funds for $4.6 million
Ackerman & Co. announced today it has acquired 801 Blacklawn Road, a 111,540-square-foot warehouse/distribution facility in Conyers, Ga., located in Atlanta’s Snapfinger/I-20 East industrial market. Ackerman purchased the building from Block Funds, a Kansas City, Mo.-based private equity firm, for $4.6 million.
Senior Vice President Frank Farrell will lead leasing efforts at the property, which currently has 19,600 square feet available. David Beak of NAI Brannen Goddard represented the seller in the transaction, while Ackerman represented itself.
“This was an excellent opportunity to purchase well-located, shallow-bay space in a 44-million-square-foot Atlanta industrial submarket with a low vacancy rate,” said Kris Miller, President of Ackerman. “The property is less than a half mile from the nearest I-20 interchange and provides connectivity to major markets throughout the Southeast along with the ports of Savannah and Charleston.”
The property’s location within an Opportunity Zone qualifies tenants for tax credits of $3,500 per employee, and the strong local pro-business environment also offers incentives such as property tax abatement and workforce training assistance.
Located in Rockdale Industrial Park, 801 Blacklawn features a rear-load design, 20-foot clear heights and 30-foot by 40-foot column spacing. Ackerman plans to invest in significant capital improvements to the property.
With the acquisition of 801 Blacklawn, Ackerman & Co. continues to expand its presence in the Atlanta industrial market. Also this year, Ackerman acquired a four-building, 217,089-square-foot industrial portfolio in Lavista Business Park in the Tucker/Stone Mountain submarket and three distribution facilities totaling 274,791 square feet in Westgate Business Park in the I-20 West Industrial submarket. Ackerman also is the developer of the 1,000,812-square-foot Braselton Logistics Center in the I-85 Northeast submarket. Uline Inc. will occupy the entire facility.
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 8 million square feet under management, and maintains an investment portfolio valued at $1 billion. For more information on Ackerman & Co., visit www.ackermanco.com