Trammell Crow Company and its partner, Allstate, have sold Phase II of King Mill Distribution Park near Atlanta to Pure Industrial Real Estate Trust (PIRET), a Canadian Real Estate Investment Trust (REIT) that focuses on industrial properties. Comprised of 760,256 square feet, the Class A industrial warehouse is located at 150 Distribution Drive, in McDonough, Georgia, and was part of Allstate’s investment portfolio before the sale.
“King Mill Distribution Park will be a great addition to PIRET’s current industrial portfolio as the REIT continues to expand its footprint throughout the state of Georgia and the U.S.,” said Mark Dishaw, Principal in TCC’s Atlanta Business Unit. “We have now successfully developed and sold each of our King Mill buildings totaling more than 1.6 million square feet and look forward to more development opportunities in the area.”
In May, the joint venture sold Phase I of King Mill Distribution Park to American Realty Advisors. The 846,496-square-foot Class A building is fully leased to Wayfair, a Boston-based e-commerce retailer specializing in home furnishings and décor. CBRE Global Investors–Americas acted as Allstate’s adviser on the transaction.
“Once again, we’ve achieved excellent results through our tremendous teamwork with CBRE Global Investors,” said Mike Moran, Allstate’s Managing Director of Real Estate Equity. “We’re thrilled with the outcome of the sale of King Mill Phase II, which was a great asset to our portfolio, as we expect it will also be to its new owner.”
Mike Everly, Portfolio Manager for CBRE Global Investors, added: “Through effective collaboration with Trammell Crow Company and CBRE on both phases of the King Mill project, we were able to help our client achieve a favorable outcome in the industrial sector, which has had limited supply in this key strategic market that has strong fundamentals and high demand.”
The building features 36-foot clear building heights, ample trailer storage and employee vehicle parking, efficient ingress/egress at two separate entrances, and a flexible design that can accommodate multiple tenants served by separate entrances. King Mill Distribution Park is located in the Henry County segment of the I-75 South industrial submarket with easy access to I-75, the full Georgia State Route 155 Interchange, as well as access south on I-75 via Billy Gardner Parkway.
CBRE Atlanta’s Frank Fallon, Chris Riley and Trey Barry represented the seller in the transaction.
The Allstate Corporation (NYSE: ALL) is the nation’s largest publicly held personal lines insurer, protecting approximately 16 million households from life’s uncertainties. Allstate’s real estate investments group has decades of experience and looks for core and value-add opportunities across geographies in the United States and internationally, and in a range of investment vehicles, such as funds, co-investments and joint ventures. Allstate’s real estate investments include retail, multi-family, office and industrial properties. For more information on the company’s investments focus, visitwww.allstateinvestments.com.
About Trammell Crow Company
Trammell Crow Company (TCC), founded in 1948, is one of the nation’s leading developers and investors in commercial real estate. The Company has developed or acquired more than 2,600 buildings valued at more than $60 billion and over 565 million square feet. As of September 30, 2016, TCC had $7.1 billion of projects in process and $3.7 billion in its pipeline.
Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 16 major cities throughout the United States. The company serves users of and investors in office, industrial, retail, healthcare, multi-family residential, through its operating subsidiary High Street Residential and mixed use projects. For those who occupy real estate, TCC can execute the development or acquisition of facilities tailored to meet its clients’ needs. For investor clients, the company specializes in joint venture speculative development, acquisition/re-development ventures, build-to-suit development or providing incentive-based fee development services.
TCC is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, and the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). For more information, visitwww.TrammellCrow.com.