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JLL Capital Markets recently announced that Fundrise, a direct-to-investor real estate investment platform, acquired Aerotropolis North, a more than 200,000 square-foot modern industrial and logistics facility for $30.4 million. Bixby Land Company, an Orange County, California-based commercial real estate owner, operator, and investor, sold the property to Fundrise in the transaction brokered by JLL Capital Markets.
Located at 3435 Jonesboro Rd. SE, Aerotropolis North is a single-tenant distribution facility leased to Kal Freight, Inc. The location is less than one mile from the major logistical thoroughfare of Interstate 285 and only 10 minutes from Hartsfield-Jackson International Airport.
“Expanding our exposure in the last-mile industrial sector is an important strategic focus for us on behalf of our growing investor base,” Fundrise Co-Founder and CEO Ben Miller said in a press release. “The continued growth of e-commerce has reshaped consumer demands, making this one of the fastest-growing asset classes in our real estate portfolio. Aerotropolis North is strategically located in a key Atlanta region, near major transportation and shipping hubs, and is a modern facility that will continue to broaden our access to this high-performing real estate asset class for our over 220,000 individual investors.”
Constructed in 2020, Aerotropolis North is fully leased to Kal Freight, Inc., a provider of modern transportation services, and houses some of its warehousing, distribution, and administrative offices. The front-load building is situated on 16.2 acres and offers a 32-foot clear height, 31 dock-high doors, two drive-in doors, 29 trailer parking stalls, LED lighting, ESFR fire protection, and 115 auto parking spaces.
The JLL Capital Markets Investment Sales and Advisory team that represented Bixby Land Company was led by Dennis Mitchell, Matt Wirth, Britton Burdette, and Bo Osgood.
“Closing as one of the lowest cap rates in Atlanta, this deal includes a short-term lease with below-market rents, presenting investors with a significant mark-to-market opportunity upon lease expiration,” Mitchell said. “With a premier location and great connectivity, the property is an ideal infill logistics location, providing users convenient access to metro Atlanta and beyond.”