Atlanta, GA (Oct. 30, 2023) – InLight Real Estate Partners has recently closed on two value-add acquisitions, marking 13 investments in the Atlanta MSA for the firm since launching in 2021.
The first acquisition was a 12.12-acre site located inside the I-285 Perimeter at 3802 Washington Road, fronting Camp Creek Parkway directly west of Hartsfield-Jackson Atlanta International Airport. Suited specifically for auto and fleet parking, the property includes 1,100 spaces on 7.20 paved usable acres. The site’s infill location on the border between East Point and College Park strategically positions it at the core of the Southeast’s largest metro area and interstate logistics hub, with direct access to the busiest passenger airport in the world.
Given the location and layout, InLight recognized this as an opportunity to add the property to its growing portfolio. The site was approximately 60 percent vacant, with one existing lease nearing expiration when the deal went under contract. During the contract period, InLight renewed the lease with the current tenant and secured a new lease for the balance of the site, improving occupancy to 100 percent prior to closing. Tenant uses support ancillary airport services, including overflow parking for a global car rental company and an off-site airport parking and shuttle provider.
“Camp Creek is the only project we’ve taken on that does not have a strictly industrial use, but our extensive experience in acquiring and developing Industrial Outdoor Storage (IOS) facilities in the area informed our understanding of this opportunity,” said Matt DiLeo, who serves as Principal in InLight’s Atlanta office. “Despite headwinds from a challenging capital environment, our team got creative to perform on a unique asset with sound fundamentals in location, permitted uses and functionality at a basis below replacement cost. Stabilizing the asset before closing on the acquisition showcases how demand continues to outpace supply for infill outdoor storage facilities of all kinds.”
InLight has committed $1.3 million in capital improvements to enhance the property’s curb appeal, tenant functionality and future marketability.
In a separate transaction, InLight also acquired a four-building Industrial Service Property (ISP) campus on 17.32 acres located at 1000 Loudermilk Drive NW in Marietta, Georgia. The property includes three individual warehouses and one office building totaling nearly 81,000 square feet, 5.50 acres of concrete-paved outdoor storage and one acre of car parking. Capable of accommodating storage, transport vehicle service or light assembly, the warehouse buildings feature clear heights between 26 and 28 feet, both dock-high and oversized grade-level loading, and above-standard power.
Well located in an affluent infill suburban city northwest of Atlanta, the property presented an attractive investment opportunity due to its quality construction, unique permitted uses, adjacency to a CSX rail line, and immediate access to I-75, the region’s primary logistics corridor. Heavy Industrial zoning is exceptionally rare in today’s environment, particularly in highly populated areas where there are high barriers to entry for development. With no comparable new supply in the pipeline, the property is poised to capture the heightened demand for IOS space.
InLight has $500,000 in capital improvements planned for the project by year-end 2023, when the site will be vacated by a long-term tenant and available for occupancy. The property offers leasing optionality given its layout, for both full-site and multi-tenant configurations. The firm is currently in discussions with a robust list of active prospects to lease the site.
InLight has been especially active in the Atlanta MSA, a testament to the firm’s belief in the future of the region. InLight’s Atlanta office is responsible for roughly 1.1 million square feet of first-generation Class A distribution space and more than 35 leasable acres of first-generation Class A industrial outdoor storage space across seven speculative developments at various stages of construction. The firm’s diverse Atlanta portfolio also includes approximately 700,000 square feet of value-add industrial real estate and nearly 300 acres of developable industrial-zoned land that can support up to three million square feet of additional speculative or build-to-suit projects.
About InLight Real Estate Partners
InLight Real Estate Partners is a full-service investment and development firm focused on industrial and logistics real estate across the Sunbelt, Midwest, East Coast and Gulf Coast markets.
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