Meritex was the first to announce this week that it has found a buyer for two of its office/industrial properties located in Kennesaw, Georgia.
The two buildings, 2120 and 2124 Barrett Park Drive, have been a part of Meritex’s portfolio since December 2010, when the company acquired them in a ten-building, 750,000-square-foot portfolio deal. Totaling 151,665 square feet, the two buildings are currently 100 percent occupied by tenants Alorica, Inc. and Knapp Logistics Automation, Inc.
Daniel Williams, chief investment officer for Meritex commented, “This transaction was significant for Meritex because it once again demonstrates our ability to adeptly execute a value-add investment strategy and to realize the value created through successful disposition.”
CBRE brokers, Tom Shafer and John Hinson, and Nathan Pramik of TPA Group, represented Meritex in the sale of the properties.
Transwestern’s Atlanta office has also found a buyer for a 122,880-square-foot industrial warehouse on behalf of Stockbridge Capital Group—which served as the adviser to the real estate pension fund that sold the property. Briggs Equipment, a leading provider of materials handling equipment, paid $5.9 million for the facility located in the Airport South industrial submarket.
The 4695 Aviation Parkway building is the largest warehouse facility located within International Airport Park, a master-planned industrial campus totaling nine buildings and 523,592 square feet. Built in 1987, the state-of-the-art facility features a 24-foot clear height, 31 dock-high doors, more than 215 parking spaces and above-market trailer storage areas. Briggs will occupy 100 percent of the firm’s new facility once the build-out is completed.
Stockbridge Capital Group will remain the adviser for the other eight International Airport Park buildings.
Image courtesy of Meritex