Northmarq, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a 170,000-square-foot, two-building industrial facility located at 5501 Fulton Industrial Boulevard in Atlanta, Georgia. Northmarq’s Robert Poirier represented the seller and tenant, Diaz Wholesale & Manufacturing, which executed a long-term triple net lease at the time of sale. The buyer, a New York-based institutional investor, acquired the asset for $16.0 million.
“The tenant was extremely interested in taking advantage of current market conditions,” said Poirier, Associate Director in Northmarq’s Atlanta, Georgia office. “Because of timing constraints, we conducted an off-market campaign, created a very competitive environment, and received offers from 8 of the 10 potential investors. The entire process took less than 60 days, and we were able to set a new record for price per square foot in Atlanta’s Fulton Industrial submarket on comparable buildings.”
Founded in Atlanta in 1980, Diaz Foods is a leading distributor of specialty foods across 28 states, and this property serves as a mission-critical distribution facility. The two-building property is situated on 12.4 rail-served acres in one of the main industrial corridors of metro Atlanta with close proximity to Interstates 20, 75, 85 and 285. The cold storage and distribution site features freezer-cooler, refrigerated and dry storage, along with office space and a dedicated truck maintenance building. The facility was originally built in 1980 and was renovated in 2004.