Thursday, March 08, 2007

Nordic Cold Storage Completes $83.3 Million Sale Leaseback of Three Warehouses in Atlanta

CoStar Group - March 6, 2007

W.P. Carey & Co., a New York-based investment firm, acquired three cold storage facilities in Georgia from Nordic Cold Storage LLC for $83.3 million, or about $65 per square foot. Nordic Cold Storage is leasing back each facility under long-term, triple net agreements.

The 1.3 million-square-foot portfolio includes 3485 Empire Blvd. in Atlanta, 4300 Pleasantdale Road in Doraville and 1802 Rome Highway in Rockmart. The Empire Blvd. facility is about 152,500 square feet and the Pleasantdale facility is about 301,800 square feet, while the Rome Highway property totals 850,000 square feet.

"We are attracted to the growth trends in this sector," said Jason Fox, a director with W.P. Carey. "There is increasing demand for well-located cold storage sites with easy access to highways and truck routes, sites that are currently at a premium. Nordic’s three metro-Atlanta locations are benefiting from this demand and operating at capacity."

Both the buyer and seller were self-represented. Nordic said it will reinvest proceeds from the sale to improve operations. Sphere: Related Content

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