NEWPORT BEACH, Calif. — (BUSINESS WIRE) — Graystone Capital Advisors, a leading investment sales brokerage, has announced the sale of a 73,000-square-foot distribution center in Norcross, Georgia, located within the northeast Atlanta market. The property sold for $8,463,636, equating to $115.94 per square foot.
Kurt Hediger, senior vice president of Graystone represented the buyer, Faropoint, a U.S.-based real estate investment firm that focuses on last mile industrial real estate.
The 73,000-square-foot center is fully occupied by SRS Distribution, the fastest growing distributor of building products in the United States, on a triple net basis. The industrial asset features clear heights ranging 22 feet, 4 external docks, and two drive-in doors. The 9.93-acre site provides potential for industrial outdoor storage.
“1400 Beaver Ruin Rd is a unique opportunity to reposition a well-located facility,” says Hediger. “Faropoint will implement a substantial interior and exterior renovation as part of a reposition strategy for the asset to capitalize on strong demand for quality industrial space within the Atlanta market.”
“We believe the Norcross sub-market offers a unique value proposition, bridging Atlanta’s dense urban core with its growing northern suburbs,” said Dave Zealear, Director of Acquisitions at Faropoint. “With the property’s strategic location and outside storage component, we see significant opportunity to reposition the property. This acquisition demonstrates our ability to identify properties where we can leverage our operational expertise to create value in supply-constrained infill locations.”
Situated northeast of Atlanta, 1400 Beaver Ruin Rd has immediate access to I-85 with connection to I-283, downtown Atlanta, and Hartsfield-Jackson Atlanta Airport. Norcross is strategically located between the affluent northern suburbs of Atlanta and the denser urban core, and as a result, industrial tenants often opt for smaller infill sites in the area, accepting higher rents in exchange for reduced transportation costs.
About Graystone Capital Advisors
Graystone Capital Advisors is a full-service brokerage company located in Orange County, CA. Their team of experts specializes in disposition and acquisition services, leasing services, property valuation, transaction management, and equity placement. With decades of combined experience in the industry, the members of Graystone Capital Advisors have assembled a genuinely innovative team focused on efficiency, transparency, and accountability.
