"...our team moved quickly to purchase the site, making it IRG’s strategic step back into Georgia."
Gainesville, GA (PRWEB) March 24, 2015
Industrial Realty Group, LLC, one of the country’s largest owners of commercial and industrial properties, announced today that it has acquired a Class A, 758,488 square foot industrial facility in the northeast corridor of Atlanta, Georgia.
Located at 2500 West Park Avenue in Gainesville, the 53-acre site was purchased from First Industrial Realty Trust through an online property auction. Jerry A. Brown of Fainsbert, Mase, Brown, Gordon & Sussman in Los Angeles, California, coordinated the legal team handling the closing of the Atlanta property.
The acquisition is the first to be included within a financing pool which will allow IRG to acquire assets throughout the country.
“We sold our Atlanta assets before the financial recession and have been watching the Atlanta market for some time,” said John Mase, Chief Executive Officer of IRG. “Once we located the potential in the property, our team moved quickly to purchase the site, making it IRG’s strategic step back into Georgia.
This acquisition will complement their portfolio, which includes properties in 29 states and approximately 110 million square feet of mostly industrial and commercial space.
The facility is currently 89 percent leased to Continental Tire. Mase believes the property will quickly be fully-leased.
“There are fewer big-box spaces available in the market around the I-85/Northeast Atlanta corridor,” Mase said. “We are confident that factor will drive up tenant demand for this property.”
IRG has chosen not to disclose the purchase price.
About Industrial Realty Group, LLC
Industrial Realty Group, LLC is among the country’s largest owners of commercial and industrial properties with a 110 million square foot portfolio of real estate. IRG, a Los Angeles-based company, owns and operates more than 150 major projects and developments in 28 states. Management offices are located in Los Angeles, Sacramento, Chicago, Akron/Canton, Cleveland, Columbus, Cincinnati, Detroit, and New York, with additional satellite offices in Dallas-Fort Worth, Bradenton, and Baltimore. IRG is nationally recognized as a leading force behind the adaptive reuse of buildings and facilities throughout the nation. Retrofitting otherwise obsolete buildings, corporate campuses, and industrial complexes are among the company’s core competencies. For more information, please visit http://www.industrialrealtygroup.com.