CBRE Secures $28.7 Million in Acquisition Financing for CORE5 Logistics Center in Metro Atlanta
Atlanta - Dec. 7, 2017 - CBRE Capital Markets' Debt & Structured Finance team has secured $28.7 million in acquisition financing on behalf of WPT Capital Advisors for Core5 Logistics Center at Interstate West, a 781,440-sq.-ft., state-of-the-art, industrial facility located at 440 Interstate West Parkway in Austell, Georgia. The property was developed in 2017 by Core5 Industrial Partners, a full-service real estate property company with expertise in development and acquisition of Class A inventory and build-to-suit industrial facilities. Construction on the property was completed in September 2017.
CBRE's Joel Torborg, based in Minneapolis, and Atlanta-based Jonathan Rice and Jeff Ackemann led the capital markets efforts for the three-year loan provided by BMO Harris. The loan will be used to provide acquisition financing along with the costs to provide for lease-up of the facility.
"The Core5 Logistics Center is an exceptional investment due its strategic location, close to Atlanta and connected to several major highways, as well as the area's terrific incentive programs, which will boost job creation and ensure a return on our client's investment," said Mr. Rice.
The property contains 781,440 square feet with 36 foot clear heights and other modern warehouse amenities. It is strategically located within the Cobb County - Six Flags Opportunity Zone, where companies are eligible for job tax credits of up to $3,500 per new job created. In addition, users locating to Interstate West may receive Enterprise Zone tax exemptions.
CBRE's Todd Barton manages the leasing for 440 Interstate West on behalf of WPT Capital Advisors.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm (based on 2016 revenue).? The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide.? CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.? Please visit our website at www.cbre.com.
About WPT Capital Advisors.
WPT Capital Advisors is a real estate investment management firm focused on industrial properties located in major distribution and supply-chain markets throughout the United States. The firm operates as a fully integrated platform with internal capabilities in all facets of investment management from transaction sourcing and execution to legal, accounting and financial reporting. Their team has the capability to deliver ground-up development projects on both a speculative and build-to-suit basis, as well as execute construction management services for substantial capital projects, building expansions and large-scale tenant improvement projects. Learn more about WPT Capital Advisors at www.wptcapital.com/.