Portfolio Sale of Three Contiguous Single Tenant Industrial Facilities 100% Leased to National Tenants
PONTE VEDRA, FL (October 8, 2024) – InLight Real Estate Partners (“InLight”) recently sold a collection of three contiguous single tenant industrial buildings on Liberty Drive in Covington, Georgia, fronting Interstate 20 east of Atlanta. The assets were 100% leased, each to a national tenant, and sold for a total gross sale value of $5.6 million.
The Liberty Drive assets include an aggregate 31,076 square feet of industrial service space over 3.75 acres. Each of the three buildings was occupied by a single tenant when InLight purchased the portfolio in 2022. Throughout its ownership period, the InLight team was successful in renewing leases with all three tenants, achieving 3.2 years WALT and market rental rates in the process.
Atlanta’s I-20 East industrial submarket has a very high manufacturing concentration. Accordingly, relatively small, single-tenant facilities offering office and warehouse space, with lit, secure, concrete-paved outdoor storage remain in demand by a wide variety of nearby users. “With assets in line with local demand and irreplaceable interstate frontage, we were able to achieve the outcome we intended from the time of acquisition. We are pleased to close this transaction and deliver this outcome to our investors.” said Caryn Carreiro, Vice President, Asset Management with InLight.
InLight was represented by OnPace Partners with the team of Tom Shafer, John Hinson, and Chase Matthews.
InLight owns a wide variety of additional industrial facilities and entitled land holdings throughout the Atlanta MSA. Lake City Distribution Center, Stockbridge Logistics Center, Commerce Exchange, and 950 Riverbend Drive in Dalton offer modern dock high distribution space. InLight also has industrial outdoor storage and service facilities available in Conley, College Park, and Marietta. These properties are strategically located throughout the Atlanta MSA, providing diverse opportunities for industrial and manufacturing businesses. Additional information can be found on the website or by reaching out to [email protected].
About InLight Real Estate Partners
InLight is a full-service real estate development and investment firm focused on industrial / logistics real estate across the Sunbelt, Midwest, East, and Gulf Coast markets. InLight’s established platform is backed by an experienced team, operating in an entrepreneurial operation with institutional infrastructure. InLight’s entrepreneurial strategy enables us to offer solutions across a diverse range of clients, property types, and geographies. Our investment philosophy is centered around being hyper-local, data-driven, and relationship-oriented creating a way that is a win-win for all partners involved.
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InLight Real Estate Partners
[email protected]