2:45 PM
Newmark announces the sale-leaseback of a 144,218-square-foot industrial asset located at 2579 Monroe Drive in Gainesville, Georgia. Newmark represented Bettcher Industries, Inc. and its subsidiary Cantrell-Gainco, in the sale-leaseback transaction to buyer, Broadstone CG Georgia, LLC, for an undisclosed amount. Newmark’s Vice Chairman Andrew Sandquist, Managing Director JC Asensio and Associate Director Briggs Goldberg cooperated with Senior Managing Director Dave Watson and Associate Charlie Adams in the transaction.
Following Bettcher Industries, Inc.’s acquisition and merger of Cantrell into Bettcher’s Gainco division, this transaction allowed the companies to streamline operations, efficiencies and operating costs while retaining jobs in the Gainesville community. In addition to the sale-leaseback, the buyer is executing a renovation-to-suit on behalf of the tenant.
“This was a unique opportunity for Cantrell-Gainco to consolidate its operations from several locations to a single facility,” stated Sandquist. “With the purchase/leaseback investor funding its renovation-to-suit, Cantrell-Gainco was able to limit its capital contributions and reach an agreement that worked for all parties.”
The Gainesville industrial market features extremely low vacancy and limited options for manufacturing and distribution companies seeking space. According to Newmark Research, the Airport/South Atlanta, Fulton Industrial/I-20W and Northeast/I-85 Corridor accounted for 90.5 percent of net industrial absorption in the past two years. As of the fourth quarter of 2019, the Northeast/I-85 Corridor absorbed 3.7 million square feet of industrial product in 2019.
Based in Gainesville, Cantrell-Gainco is made up of two well-established manufacturing businesses, serving leading poultry and meat processors in the United States and the Western Hemisphere since the 1970s.
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 18,000 professionals operate from approximately 480 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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