Creekside Distribution Center

2110 Lawrence Ave, Atlanta, GA, 30344-1736, US

Description

Jones Lang LaSalle (“JLL”) has been exclusively retained by ownership as the sales representative for Creekside Distribution Center (“Creekside” or “the Property”) – a 538,500 square foot Class A, multi-tenant distribution center with 54% below market rents, resulting in an 115% mark-to-market opportunity with 2.7 years of WALT. The offering presents an investor with a unique opportunity to acquire an irreplaceable urban infill bulk distribution center with substantial upside at a significant discount to replacement cost. Within a 6 mile radius and a 15 minute drive from Downtown Atlanta, Creekside is one of only two institutional-quality 400k+ square foot distribution centers built after 2002 within Atlanta’s I-285 Perimeter.

The Property is 76.9% leased to Wal-mart Stores East, LP (“Walmart”, NYSE: WMT, FY2025 Rev. $681B) and PODS Enterprises, LLC (“PODS”), with an additional unoccupied 124,432 square foot unit providing the next owner increased returns upon lease-up. Additionally, the offering includes 9.3 acres of unoccupied auto or trailer parking with additional land to expand, providing further optionality and upside.

Creekside benefits from powerful supply and demand pressures due to a shrinking supply of existing industrial space and rising tenant demand as users seek proximity to Atlanta’s rapidly expanding urban customer base. With immediate access to I-85 and I-75, it's less than 10 minutes from Hartsfield-Jackson International Airport and 15 minutes from Downtown Atlanta.

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Attributes

Building area net

50,028 m²

Year built

2016

Clear height

9.75 m

Occupancy

76.9%

WALT

2.7 years

Media

Investment Highlights

INSTITUTIONAL DESIGN & CONSTRUCTION

Tilt-wall construction
Rear-load configuration
85 dock-high doors (9’ x 10’)
3 grade-level drive-in doors (12’ x 14’)
2 ramped drive-in doors (26’ x 20’)
185’ truck court (60’ concrete apron)
Mechanically attached 45-mil TPO roof
1650’ x 315’ building depth with 50’ by 50’ column spacing
85 trailer spaces & 286 auto spaces
191 auto spaces in unoccupied paved lot with option for future expansion

FINANCIAL HIGHLIGHTS

54% below market rent results in an 115% mark-to-market opportunity
156% potential NOI growth over a 10-year hold period79.6% leased to 2 tenants with 2.7 years of term remaining
Walmart - 304,104 SF (56.5% of Property)
3.3 years of term remaining
In-place rents 56% below market (2 suites)
PODS – 109,964 SF (20.4% of Property)
1.3 years of term remaining
In-place rent 47% below market
Available space – 124,111 SF (23.1% of Property)

SIGNIFICANT DISCOUNT TO REPLACEMENT COST

Significantly below market in-place rents (56%) diving a low basis valuation

STRATEGIC LOCATION

7.2 miles to Downtown Atlanta
1 of 5 Class A buildings within a 5 mile radius of Downtown Atlanta
1 of 2 institutional-quality 350k+ square foot distribution centers built after 2002 within Atlanta’s I-285 Perimeter
Access to major thoroughfares
2.9 miles to I-75
3.5 miles to I-285
6.9 miles to I-20
Proximity to the world’s busiest airport - 3.5 miles from Hartsfield Jackson International Airport