Fundrise has acquired an industrial and logistics facility in Atlanta from Bixby Land Company for $30.4 million, Commercial Observer can first report.
Located at 3435 Jonesboro Road, the 200,000-square-foot Aerotropolis North is a single-tenant distribution facility constructed in 2020 and fully leased to Kal Freight Logistic, a provider of modern transportation services. It also houses some of the company’s warehousing, distribution, and administrative offices, according to information provided by JLL Capital Markets, which represented the seller in the deal.
“We believe the continued growth of e-commerce and its impact on consumer behavior will only increase the demand for well-located industrial assets,” said Ben Miller, co-founder and CEO of Fundrise. “We were particularly attracted to the asset because of its state of the art specifications and its location within the North Atlanta submarket, an area that has seen consistently low vacancy rates, with strong double digit rent growth, and limited new supply.”
The front-loading building is situated on 16.2 acres and offers a 32-foot clear height, 31 dock-high doors, two drive-in doors, 20 trailer parking stalls, LED lighting, early suppression fast response fire protection and 115 auto parking spaces.
JLL’s Dennis Mitchell, Matt Wirth, Britton Burdette and Bo Osgood represented the seller.
“Closing as one of the lowest cap rates in Atlanta, this deal includes a short-term lease with below-market rents, presenting investors with a significant mark-to-market opportunity upon lease expiration,” Mitchell from JLL said. “With a premier location and great connectivity, the property is an ideal infill logistics location, providing users convenient access to metro Atlanta and beyond.”
Bixby Land Company did not immediately respond to a request for comment.
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