Avistone, LLC acquired Pleasantdale Center located in Atlanta, Georgia. The 86,792 square foot multi-tenant flex / warehouse project is located in the Northeast Atlanta industrial sub-market which is easily accessed by I-85 and I270 with a 10-minute drive to the Peachtree Airport. Built in 1986, the project consists of two (2) buildings, and is currently leased to 23 tenants.
The company negotiated an acquisition price well below replacement value, with healthy average cash-on-cash yields and a high IRR 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 excited to have acquired a second property in the Atlanta market. The synergy of having two properties close to one another along with our Leasing and Property Manager nearby at Peachtree Corporate Center should result in successful leasing activity.” said Richard Kent, Avistone’s Managing Principal. “Pleasantdale Center aligns perfectly with Avistone’s acquisition goals of acquiring stabilized, multi-tenant business parks that produce healthy cash flow and a strong total return. We are actively seeking additional properties similar to Pleasantdale Center in order to provide the yield, return, and mitigated risk for our investors.”
Avistone is a premier commercial real estate investment firm specializing in the multi-tenant business park properties. The company is currently acquiring and managing quality, stabilized multi-tenant properties in major and secondary markets throughout the U.S. from $5 to $25 million. To learn more about investing with Avistone, please email [email protected]