Holliday Fenoglio Fowler, L.P. (HFF) announces the $53 million sale of Newnan Distribution Center, a 1.9 million-square-foot, multi-tenant distribution center in the Atlanta-area community of Newnan, Georgia.

The HFF team represented the seller, LRC Properties together with a private Canadian-based investor. Agellan Commercial Real Estate Investment Trust purchased the asset.

Originally constructed in 1978 as a build-to-suit for Kmart, Newnan Distribution Center was renovated in 2001 and is now 87 percent leased to two tenants, Variety Wholesalers, which uses the warehouse as its mission-critical facility to serve more than 180 locations across the Southeast, and Elite Comfort Solutions, a rapidly growing foam manufacturer. The facility features 24-foot clear heights, 1,000 trailer storage spaces, 118 dock-high loading positions and a new glass office entrance. Situated on 101.74 acres at 60 Herring Road, Newnan Distribution Center is along the Interstate 85 South Corridor about 30 miles southwest of Hartsfield-Jackson Atlanta International Airport, which services 275,000 passengers a day, is the busiest airport in the world and within a two-hour flight of 80 percent of the U.S. population. Newnan Distribution center borders an active CSX rail line that provides direct access to the Fairburn Intermodal Terminal, which is Atlanta’s intermodal gateway to the South and West.

The HFF investment advisory team representing the seller consisted of senior managing director Chris Norvell and director Patrick Nally along with senior managing director Richard Reid.

About LRC Properties

Founded in 2009, LRC Properties uses years of experience and imagination to create the unexpected. LRC works with its investors, tenants and communities to transform its properties into something special. The company can take an average office building or obsolete warehouse and transform it into a completely modernized dynamic business environment that tenants cannot wait to get into. Visit https://www.lrcprop.com for more information.

About Agellan Commercial Real Estate Investment Trust

Agellan Commercial Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. The REIT has been created for the purpose of acquiring and owning industrial, office and retail properties in select target markets in the United States and Canada.

The REIT’s 46 properties contain 8.3 million square feet of gross leasable area, with the REIT’s ownership interest at 7.0 million square feet. The properties are primarily located in major urban markets in the United States. Visit www.agellancommercialreit.com or www.sedar.com for more information.

About HFF

HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.