9:48 AM
Newmark announced today the sale of Roswell Distribution Center, a 259,641-square-foot Class A industrial facility in Roswell, Georgia. The center is 55% leased and sold for $19,750,000.
Originally built in 2006 and located on Hembree Park Drive within the Hembree Park master-planned community, Roswell Distribution Center comprises two buildings featuring 26 dock doors, two drive-in doors and clear ceiling heights up to 24 feet. The facility is well-located, and features convenient access to Georgia 400 and numerous community amenities. Key tenants include Room & Board Inc., Central EMS and Ferguson Enterprises, with the lack of industrial space in the area making Roswell Distribution Center an excellent candidate for long-term investment.
An institutional investor sold the distribution center to Longpoint Realty Partners. Newmark Executive Managing Director Matt Tritschler and Managing Director Peter Everett represented the seller.
“Roswell Distribution Center provides an ideal value-add opportunity for the investor,” said Everett. “The potential for in-place cash flow combined with the strong upside in leasing the vacant space will generate healthy returns as the robust industrial market in North Fulton continues to grow and expand.”
Metro Atlanta’s industrial market displays strong fundamentals, with a vacancy rate at 7.0%-in single digits for almost four years. In the past five years, more than 70 million square feet of new industrial product has been built, representing more than 12% of total inventory in the market.
About Newmark
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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