By Joshua Burd
Woodmont Industrial Partners has expanded its footprint outside New Jersey, acquiring a 519,000-square-foot distribution center just south of Atlanta.
In a news release, the Fairfield-based firm said it had purchased the property at 1791 Mount Zion Road in Morrow, Georgia, as part of a plan to invest outside its home base in the Northeast. The acquisition marks its first within the Atlanta South submarket along Interstate 75, one of the main arteries surrounding the Atlanta metropolitan area.
WIP, whose leadership include prinicipals of Woodmont Properties, said it plans to acquire 3 million square feet of existing value-add opportunities and/or land for development within the next 18 months in major transportation corridors and port markets around the country.
“As we strategically grow our portfolio, we see this as another WIP value-add opportunity to acquire a well-located, desirable distribution center that’s less than 10 miles from the Hartsfield-Jackson Atlanta International Airport and less than 20 miles from downtown Atlanta,” said Eric Witmondt, principal of Woodmont Industrial Partners. “We will continue pursuing properties in local markets that present unique investment opportunities.”
Its new property in Georgia has easy access to I-75 while featuring 72 dock doors, two drive-in doors, a 22-foot clear height, parking for 110 trailers and a new roof, the news release said. NAI Brannen Goddard Partner Jack Haden and Managing Director Michael Chambers brokered the deal between WIP and the seller, Continental Property Group.
WIP has retained the brokerage to be the exclusive leasing agent for 1791 Mount Zion Road and has begun a series of improvements to the property. The upgrades will include new dock equipment, life safety system upgrades, interior and exterior refinishing and new landscaping.
“As strong demand for intermodal logistics in prime locations continues, we are eager to invest our capital in high-quality assets,” Witmondt said. “We believe that positive demographics are driving the Atlanta market and WIP is an active investor in creating high-quality warehouse buildings near our Mt. Zion distribution center.”