Avistone Industrial Property Fund I, LLC announces the acquisition of Peachtree Corporate Center located in Atlanta, Georgia. The 199,036 square foot multi-tenant flex / warehouse project is located in the 1-85 North industrial sub-market easily accessed by I-85 north with a 10 minute drive to the Peachtree Airport. Built in 1980, the project consists of six (6) buildings, and is currently leased to 53 tenants.
The company negotiated an acquisition price of well below replacement value, with healthy average cash-on-cash yields and a high IRR and investment multiple over a 5 year holding period.
The Atlanta market ranks sixth economically in the nation and is known as the “Capital of the South” with a population close to 6 million. The area has grown to one of the world’s top cities for business through a superior transportation infrastructure including the world’s busiest airport, the largest highway system in the South and extensive freight and passenger rail lines. The greater metropolitan area has had more than 1,000 companies choose to locate, relocate or expand there including State Farm, Asbury Automotive Group, Novelis, Pulte Homes, Athena Health and Sony Ericsson. “We are pleased to have entered the Atlanta market with the second acquisition for Avistone’s Fund.” said Richard Kent, Avistone’s Managing Principal. “This is an ideal property to have in the Fund and we are actively seeking more acquisitions similar to it in order to provide the yield, return, and mitigated risk we strive to achieve for our investors.
Avistone is a premier commercial real estate investment firm specializing in the multi-tenant industrial market. The company is currently acquiring and managing quality, stabilized multi-tenant industrial properties in major and secondary markets throughout the U.S. from $6 to $25 million. Investment units in Avistone’s Industrial Property Fund are priced at $50,000 each, and currently available. If you have interest in Avistone’s Industrial Property Fund investment offering, please contact us at Investors@Avistone.com.