JLL Capital Markets announced today that it has closed the $11.65 million sale of Plaza 85 Business Park, a nine-building industrial, office and flex park totaling 191,526 square feet within a Qualified Opportunity Zone in the Atlanta-area community of Norcross, Georgia.
JLL worked on behalf of the seller, Sperry Equities. Atlanta-based WePartner purchased the asset.
Plaza 85 Business Park is home to 31 tenants and features clear heights ranging from 12 to 18 feet, both dock-high and drive-in doors and a combination of rear- and front-loading configurations. The park is situated on 13.8 acres at 5970-6040 Unity Drive in the Northeast Atlanta Industrial submarket, Atlanta’s most infill industrial submarket. Additionally, the park is directly on and has immediate access to Interstate 85, the industrial backbone of the Southeast. This last-mile location allows tenants to access more than 3.8 million people within a 30-minute drive.
The JLL Capital Markets team representing the seller was led by Dennis Mitchell, Matt Wirth, Britton Burdette and Crosby Taylor.
“As companies compete on the e-commerce battlefield, proximity to the customer base has become one of the most effective ways to cut down on shipping costs and delivery times,” Mitchell said. “The convergence of last-mile connectivity, highly affluent suburbs and interstate access makes this a highly desirable location.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Sperry Equities
Sperry Equities is a full service commercial real estate investment and management company, specializing in the repositioning of underperforming investment real estate throughout the nation. For over 20 years, Sperry principals have created value and wealth by purchasing over $1.5 billion in distressed assets, generating annual returns of 20% to 30%.
About WePartner
WePartner is a dynamic real estate investment and management firm specializing in core plus and value-add real estate in Greater Atlanta. WePartner seeks out investment opportunities that allows maximizing investor returns through recognizing operating inefficiencies, repositioning under‐managed or under‐funded properties and capitalizing on overlooked value enhancement opportunities. The firm prides itself to produce superior returns for its investors and capital partners and create a family-based work environment for all its employees and partners.
