ProLogis (NYSE: PLD) has expanded its Atlanta portfolio after acquiring four distribution centers and 115 acres of land. The distribution centers were purchased for approximately $60 million while the 115 acres were acquired through a separate transaction.
The four buildings total 1.5 million sq. ft. The properties are located in northeastern Atlanta, the Fulton submarket and south Atlanta. All are 100% leased. The 115-acre parcel can accommodate 1.35 million sq. ft. of new development.
“We’re very pleased to have completed these acquisitions, which significantly extend our position as Atlanta’s leading industrial facilities provider,” says Richard Strader, senior vice president and regional director of capital deployment at ProLogis.
“We now operate over 18 million sq. ft. of industrial space throughout the metropolitan area — approximately 25 percent more than our largest competitor — and our land positions in both north and south Atlanta provide us with substantial future development capacity.”
