Basis Industrial and One Investment Management acquire a 25-building, 621,759-square-foot industrial portfolio in the Atlanta metro for $89.5 million.
A joint venture led by Basis Industrial and One Investment Management has acquired a 621,759-square-foot industrial portfolio in the Atlanta metro area for $89.5 million. The collection consists of 25 buildings spread across five campuses in Stone Mountain and Tucker, Georgia, originally completed between 1982 and 1995. The assets are currently 119-tenant occupied with a weighted-average lease term of approximately 2.2 years. Basis Industrial plans to implement renovations across the properties.
Bank of Montreal provided the acquisition financing for the deal, which saw the portfolio trade from seller Middour Investments. This transaction marks the second joint acquisition for the venture, following a $144.6 million purchase of five shallow-bay properties in Atlanta and Orlando that closed in April.
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