Cushman & Wakefield (NYSE: CWK) has arranged the $126.6 million sale of Gwinnett Commons, a 1.2 million-square-foot light industrial park located in Atlanta’s I-85 Northeast corridor.
Stewart Calhoun and Casey Masters of Cushman & Wakefield represented the seller in the transaction, a partnership between affiliates of Westmount Realty Capital and Quilvest Capital Partners. Brian Linnihan and Mike Ryan of Cushman & Wakefield secured acquisition financing on behalf of the buyer, CIP Real Estate.
Gwinnett Commons offered an opportunity to acquire 13 premier last-mile buildings in the largest and most institutionally-owned industrial submarket in the Southeast. Additionally, the three single-story flex buildings included in the sale presented a prime value-add opportunity.
The 16-building master-planned park also includes two rare infill development sites that are zoned M-1, ideal for modern warehouse development, which can support a total of 195,000 square feet. Gwinnett Commons is located eight miles from Interstate 285 and sits between three major Interstate 85 interchanges – Beaver Ruin Road, Steve Reynolds Boulevard, and Pleasant Hill Road.
Currently the 16 buildings are 97% leased. Its location provides real ‘last mile’ companies proximity to service Atlanta’s population base of over 6 million people. It is also central to Gwinnett County’s nearby amenity base and housing supply.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.