Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has arranged the sale of a 22,689-square-foot industrial facility located at 1812 Joy Lake Road in Morrow, Georgia. The cold storage and food distribution facility was fully leased by BakeMark, a leading supplier of baking products and services in North America. Michael J. Macchia and Jimmy Ullrich of Stan Johnson Company represented the 1031 exchange buyer, a private investor group based in New Jersey and New York. The seller was McWhirter Realty Partners, an Atlanta, Georgia-based real estate firm. The asset traded for $2.5 million reflecting a 7.36 percent cap rate.
“The buyer was attracted to the rapidly growing cold storage industry, as well as the strength of the Atlanta industrial market,” said Macchia, Associate in Stan Johnson Company’s New York office. “They were confident in the population growth that the entire Southeast region has seen over the past decade and is expected to see in the future.”
The facility was originally built in 1982 and has seen recent capital improvements. It is situated on 2.2 acres which can accommodate additional trailer parking or outdoor storage. With convenient access to Interstates 75 and 675, the property is strategically located just 25 minutes south of downtown Atlanta and only five miles from Hartsfield-Jackson Atlanta International Airport. Neighboring warehouse tenants include Kroger, HD Supply and FedEx Ground.
