GCP buys Atlanta property for $9.4M

GCP buys Atlanta property for $9.4M

Graham Commercial Properties recently made a big acquisition in the metro Atlanta area.

The Birmingham-based industrial real estate firm said it purchased 7900 Troon Circle for $9.4 million in an off-market transaction. The property is a 160,000-square-foot Class A industrial building.

“The Troon Circle acquisition is part of our long-term strategy to expand our footprint into the fastest growing cities in the Southeast,” GCP President Gardner Lee said. “We look to buy in-fill locations that help our customers move their goods quickly and efficiently, and this acquisition fits that strategic goal.”

EG Industries, the property’s previous owner, will remain as the primary tenant of the building. It invested significantly in the property over the past three years of ownership.

The acquisition follows GCP’s recent sale of a Vanderbilt Road warehouse in Birmingham.

GCP has said it is planning a big push to grow its Southeastern portfolio. Information from the company said the 7900 Troon Circle property is an institutional quality light manufacturing and distribution warehouse and is located in the I-20 West/Fulton Industrial submarket and Riverside micro-market, which has some of the newest and most functional bulk distribution properties west of Atlanta.

GCP, which will move its office to the newly renovated Historic Federal Reserve building in downtown Birmingham, now has a portfolio that includes properties in Alabama, Georgia, North Carolina, and Florida.

The deal won’t be the firm’s last in Atlanta.

“We expect to continue to acquire several other similar properties in the Atlanta market over the next year. We have several exciting opportunities in our pipeline that we expect to close in the first and second quarters of 2017,” said Lee.
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