Faropoint has purchased 4600-4680 Lewis Road, a 220,380-square-foot, three-building campus in Stone Mountain, Ga. The company now has more than 2 million square feet of industrial space in the Atlanta market, according to Yardi Matrix information.
Brennan Investment Group sold the bulk warehousing and manufacturing asset. JLL worked on behalf of the seller and procured the buyer.
New WinCup Holdings occupies the entire property, with a lease of at least 13 more years. The park serves as its national headquarters.
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The buildings, which range between 32,400 and 105,355 square feet, came online in two phases in 1966 and 1974. The campus features 92 car parking spaces, 130-foot truck courts and 20- to 21-foot clear heights. Additionally, the 10-acre property has 14 dock-high loading doors and 11 drive-in doors.
The campus is close to the U.S. 78 Highway and less than 4 miles from Interstate 285. Downtown Atlanta is some 14 miles away, while Hartsfield-Jackson Atlanta International Airport is within 31 miles southwest.
JLL Capital Markets Senior Managing Directors Dennis Mitchell, Britton Burdette and Matt Wirth and Director Jim Freeman lead the Investment Sales and Advisory team.
Faropoint’s recent industrial expansion
Faropoint’s U.S. industrial portfolio consists of more than 400 warehouses, encompassing more than 20 million square feet, of which 85 percent in stabilized assets and 15 percent value-add properties.
In October, Faropoint purchased two industrial parks in Bergen County, N.J., totaling 770,064 square feet, for $144.5 million. Camber Real Estate partners sold the assets.
A month earlier, Faropoint acquired a 312,950-square-foot industrial portfolio in Charlotte, for $33.3 million. Beacon Partners sold the three-building-property.
The post Faropoint Expands Atlanta Footprint With 220 KSF Purchase appeared first on Commercial Property Executive.
In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.
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