Purchase of 500,000-SF Property a Significant Step in Woodmont Industrial’s Expansion Strategy
Woodmont Industrial Partners (WIP), a leading developer and owner of industrial properties, announced today it has purchased a 519,045-square-foot distribution center in Morrow, Georgia. The building is located within the Atlanta South submarket, along Interstate 75, one of the main arteries surrounding the Atlanta Metropolitan area.
As part of its strategic expansion, WIP has established a goal to acquire three million square feet of existing value-add opportunities and/or land for development within the next 18 months in major transportation corridors. This property, located at 1791 Mount Zion Road, is indicative of WIP’s expansive plans outside of the Northeast region and further highlights its aggressive strategy of investing in major markets in port/intermodal areas around the country.
“As we strategically grow our portfolio, we see this as another WIP value-add opportunity to acquire a well-located, desirable distribution center that’s less than 10 miles from the Hartsfield-Jackson Atlanta International Airport and less than 20 miles from downtown Atlanta,” said Eric Witmondt, principal of Woodmont Industrial Partners. “We will continue pursuing properties in local markets that present unique investment opportunities.”
With easy access to Interstate 75, the property features 72 dock doors, two drive-in doors, 22’ clear height, a 5” concrete floor and parking for 110 trailers, and a new roof. Partner Jack Haden and Managing Director Michael Chambers of NAI Brannen Goddard served as the real estate broker between WIP and Continental Property Group, the seller. Woodmont has retained NAI to be the exclusive leasing agent for 1791 Mt. Zion Road. WIP has begun an extensive capital improvement program that includes new dock equipment, life safety system upgrades, interior and exterior refinishing and new landscaping in line with WIP’s high operational standards.
Witmondt added: “As strong demand for intermodal logistics in prime locations continues, we are eager to invest our capital in high-quality assets. We believe that positive demographics are driving the Atlanta market and WIP is an active investor in creating high-quality warehouse buildings near our Mt. Zion distribution center.”
Over the last three years, WIP has purchased and sold nearly four million square feet of industrial space strategically located in a number of intermodal Eastern markets.
About Woodmont Industrial Partners
Woodmont Industrial Partners is an affiliate of Fairfield, New Jersey-based Woodmont Properties, a leading real estate development and management firm established in 1963. Woodmont Industrial Partners is focused on the acquisition opportunities in select, high-barrier-to-entry and globally oriented seaports and inland ports. The continuing mission is to grow a portfolio of high-quality assets via the acquisition of prime properties as well as development of new opportunities in great locations. http://www.woodmontindustrialpartners.com/
