LOS ANGELES – Oct. 13, 2016 – A fund advised by CBRE Global Investors has acquired Broadway Distribution Center, a 613,440 square foot Class A industrial building in the Atlanta area that is fully leased to a major internet retailer.
Located at 650 Broadway Avenue in Braselton, Ga., the newly constructed cross-docked distribution/warehouse center features state-of-the-art building specifications including a 36-foot clear height, ESFR fire suppression, 190 – 200 foot all-concrete truck courts, TPO roof with 20-year warranty, ample auto parking expandable to over 212 spaces, and 171 trailer storage spaces that can be expanded to 265 spaces. Additionally the tenant has invested heavily to customize the space for their operations including installation of air conditioning and LED lighting throughout the entire building, as well as an extensive racking and conveyor system.
While is it currently fully leased by a single tenant, the property was designed to be split between multiple tenants if necessary.
A target market for industrial for the fund, Atlanta continues to add jobs at a strong rate and remains among the top-performing industrial markets in the country. It is at the crossroads of North American north-south and east-west travel, making it an ideal location for logistics users. The Northeast submarket, where Broadway Distribution Center is located, is the largest industrial submarket in Atlanta, accounting for 23 percent of all industrial space in the Atlanta market, and is well-known for its convenient access to I-85, I-285, and Gwinnett County’s rapidly growing population base.
“Broadway Distribution Center is a highly desirable building in a highly desirable market,” said Kim Hourihan, Portfolio Manager, CBRE Global Investors Americas. “The combination of strong population growth, a business-friendly environment, and a roster of high-quality, professional companies places Atlanta in a strong position for expansion going forward.”
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $88.6 billion in assets under management* as of June 30, 2016. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment firm for the benefit of its investors. CBRE Group, Inc. has more than 70,000 employees in more than 400 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.