"Atlanta provides a wealth of opportunities for us,” says IOV's Tom Barbera. “We will continue to focus our efforts in this top-notch market.”
ATLANTA, GA—Industrial Outdoor Ventures, which focuses exclusively on the acquisition, development and redevelopment of industrial service facilities, has signed RE Logistics to a long-term lease at its freight terminal located at 2090 Jonesboro Road SE in Atlanta. REL will move from 3184 Fayetville Road SE, where it currently has a 56-door truck terminal, when the lease starts in July 2018.
“We’re excited to welcome REL to our newest Atlanta investment,” said IOV CEO Tom Barbera. “They are a quality tenant with a growing business, so we are thrilled that our property suited their needs.”
Among the largest of its kind in the region, 2090 Jonesboro Road SE occupies 35 acres and features a 125-door truck terminal and 12,000 square feet of recently renovated office space. Fully fenced and lighted, IOV purchased the facility from The Home Depot in August 2017, its second acquisition last year. The other was 2090 Jonesboro Rd. B, a 24-acre property with 600-plus truck stalls and a 28,000-square-foot maintenance shop.
The property is strategically located in Atlanta’s South Industrial submarket, the largest transportation submarket in the southeastern US. The site is close to Atlanta Hartsfield International Airport, as well as to the interstate system.
With this lease, REL becomes the largest tenant at the facility and brings occupancy to 100%.
Will McFarlin with Burr & Temkin represented IOV in the transaction while CBRE’s Rob Kruerrepresented the tenant.
Industrial service facilities are mission critical facilities that are used to store, maintain and dispatch equipment and/or bulk material. They are primarily used by the transportation, construction, construction material and utility industries.
IOV is currently in acquisition mode, seeking to acquire $100 million in assets over the next 12 to 24 months – with a five-year plan to amass more than $500 million in product type. Its portfolio currently spans the US, with properties in major markets such as Denver, Dallas, Chicago and Atlanta – among others.
“Atlanta provides a wealth of opportunities for us,” says Barbera. “We will continue to focus our efforts in this top-notch market.”