DALLAS--(BUSINESS WIRE)--Hillwood, a Perot company, has acquired Gwinnett 316, a 15-building distribution park totaling 2.2 million square feet located in Atlanta’s sought after I-85/Northeast submarket.
Gwinnett 316 is situated one mile off GA Hwy 316, providing immediate access to I-85 and Atlanta’s most dynamic industrial corridor. The I-85 Northeast submarket is Atlanta’s largest with approximately 154 million square feet and is well known for its convenient access to Interstate 85 (running North-South through downtown Atlanta), Interstate 285 (metro Atlanta’s perimeter highway) and Gwinnett County’s rapidly growing population base.
“With a Top 10 economy and one of the fastest-growing regions in the nation, Atlanta is largely considered the economic hub of the Southeast,” said Todd Parker, senior vice president and southeast market leader. “We see tremendous growth in this market and with opening our new Atlanta office, this infill portfolio expands the Hillwood footprint to 4.7 million square feet in metro Atlanta.”
The acquisition is part of a successful 424-acre master planned development and consists of 15 rear and front loading distribution buildings ranging from 70,000 to 200,000 square feet. The buildings have an average construction date of 1992, with modern amenities such as an average 24’ clear height, ESFR sprinkler systems, T-5 lighting, ample parking and low office build out. With suite sizes that range from 4,000 to 200,000 square feet, Gwinnett 316 allows for maximum lease-up flexibility and tenant expansions. Hillwood has already started major capital improvements that include enhanced landscaping, parking lot and roof refurbishments, and make-ready improvements of vacant space.
“We don’t see high-quality established industrial parks like Gwinnett 316 come on the market very often, so we worked hard to make this transaction happen,” said Tom Fishman, executive vice president of acquisitions and dispositions. “With a deep and diversified labor base, excellent amenities and superior location, this property marks another very strategic and competitive acquisition for Hillwood.”
Hillwood, a Perot company, is a full service real estate developer, investor and advisor of high quality real estate properties. With more than 110-million square feet of industrial development and acquisitions to date, our dedicated team is committed to bringing long term value to our customers, partners and the communities that we serve. Today, Hillwood is actively involved in development, acquisitions, construction, leasing, property management and asset management of high quality, well located, flexible and functional industrial properties located throughout North America and Europe. For additional information, visit www.hillwood.com.