Westmount Realty Capital has purchased another industrial infill portfolio in Atlanta’s Norcross submarket, Atlanta Plaza 85.
The 191,526-square-foot portfolio consists of nine flex/light industrial buildings, with each building averaging 21,281 square feet.
The Atlanta Plaza 85 portfolio sits northeast of Atlanta’s central business district with direct access to I-85, I-285 and Jimmy Carter Boulevard. Atlanta has remained a strong market throughout the pandemic, with all product types seeing increases and industrial rates rising consistently as available space decreases. With muted construction in the surrounding area due to strict zoning regulations, landlords are seeing lower vacancy rates, allowing them to push rental rates.
“Atlanta’s industrial market had a strong start to the year in 2022, and leasing activity has continued to grow steadily,” said Nick Sands, Westmount’s senior director of industrial acquisitions. “As available spaces become hard to find and rates continue to rise, demand is not slowing down anytime soon. With nine different buildings in a thriving industrial market, the portfolio offers several options for growth in the northeast Atlanta suburbs.”
Built between 1979 and 1987, the portfolio is 91.9 percent leased to 49 tenants, representing a unique opportunity for flex and industrial assets. The area currently caters to technology, telecom and light manufacturing firms. Westmount plans to make extensive capital upgrades of more than $1 million over the next five years, including roof replacements and repairs, corridor upgrades, space conversion, and HVAC and paving repairs.
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