ATLANTA, Jan. 13, 2022 - JLL Capital Markets announced today that it has closed the sale-leaseback of Amway-Norcross, a 124,889-square-foot distribution center in the Atlanta community of Norcross, Georgia.
JLL marketed the property on behalf of the seller, Amway. EverWest Real Estate Investors, LLC acquired the asset and entered into a long-term lease with the seller, who has occupied the property since 1979 and uses it for mission-critical distribution throughout the southeast.
Amway-Norcross is fully leased and provides superior functionality for e-commerce and bulk distribution. The facility consists of one grade-level building that has a varying clear height with a minimum of 22 feet, 20 dock doors, a 115-foot truck court and a 4,732-square-foot office space. Additionally, the property features 45 car parking spaces and a 100-foot by 115-foot concrete trailer parking pad with additional land for potential future outdoor storage or additional trailer parking.
Situated on 9.54 acres, Amway-Norcross is located at 6450 Jimmy Carter Blvd. near Atlanta's major thoroughfares. The property is positioned 2.2 miles from Interstate 85 and less than 4 miles from I-285 with additional access to GA-316, I-985 and I-75, allowing access to dense population centers throughout the southeast. The tenant can reach over five million people within an hour drive of the property and access 80 percent of the U.S. population within a two-day drive. Additionally, the distribution center is located 31 miles from Hartsfield Jackson International Airport.
According to JLL's Atlanta Industrial Insight report for Q3 2021, year-to-date absorption is at its largest volume in history, surpassing 2020's record by 2 million square feet. Atlanta achieved another record-low vacancy in Q3, directly following the previous quarter's record-low of five percent. With more competition for space and vacancies moving extremely fast, rental rates and concessions were driven up once more. Rents reached an all-time high, up 3.4 percent year-over-year, and escalations held at a minimum of three percent or going even higher.
The JLL Capital Markets Investment Sales and Advisory team that represented the seller was led by Managing Director Matt Wirth, Associate Mitchell Townsend, Senior Managing Director Dennis Mitchell and Managing Director Britton Burdette.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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