Woodmont Industrial Partners has expanded into the Southeast part of the U.S. with the purchase of a distribution center in Georgia, it announced recently.
Woodmont, an affiliate of Fairfield-based Woodmont Properties, bought the 519,045-square-foot center at 1791 Mount Zion Road in Morrow. The building sits in the Atlanta South submarket along Interstate 75, a major regional artery, the developer said in a news release.
Financial terms of the deal with seller Continental Property Group were not disclosed.
Woodmont said it has an expansion goal of acquiring 3 million square feet of existing opportunities or land for development over the next 18 months, along major transportation corridors. The developer said it is growing beyond the Northeast region, investing in major markets in port and intermodal areas nationwide.
“As we strategically grow our portfolio, we see this as another WIP value-add opportunity to acquire a well-located, desirable distribution center that’s less than 10 miles from the Hartsfield-Jackson Atlanta International Airport and less than 20 miles from downtown Atlanta,” Eric Witmondt, WIP principal, said in a prepared statement. “We will continue pursuing properties in local markets that present unique investment opportunities.”
Woodmont said it has begun an extensive capital improvement program at the site.
“As strong demand for intermodal logistics in prime locations continues, we are eager to invest our capital in high-quality assets,” Witmondt said. “We believe that positive demographics are driving the Atlanta market and WIP is an active investor in creating high-quality warehouse buildings near our Mount Zion distribution center.”
NAI Brannen Goddard’s Jack Haden and Michael Chambers were the brokers involved in the deal. Woodmont has retained NAI as the site’s exclusive leasing agent.