Hartsfield International Commerce Center portfolio, totaling 110,000 sf, was acquired in August 2018 as a part of Citimark’s larger industrial acquisition strategy in the Atlanta market. The properties were acquired through an off market process at a significant discount to replacement cost and market comparable sales.
The property includes three medium warehouse buildings located in one of Atlanta’s primary industrial submarkets, Airport/South. The property is a last mile, true infill location surrounded by dense industrial products, direct access to Atlanta Hartfield-Jackson International Airport and with close proximity to the Atlanta population base, with true barriers to entry.
The value creation strategy included transitioning all leases to NNN structure, improving the quality of the product by investing in deferred maintenance and capital improvements and completion of higher quality tenant improvements, aggressive lease up of vacant space, ensuring high quality tenants were retained and a significant increase in property rents.
The property was sold to a real estate private equity company after accomplishing Citimark’s business plan, in an Atlanta portfolio sale in November of 2020.