October 19, 2018 – Novaya Foxfield Industrial LLC (Foxfield) announces its first acquisition in the Southeastern United States: a 455,602 SF high-bay warehouse for $16,320,000. The building is located at 1001 Cherry Drive, Braselton, GA on 30.5 acres, and features high profile visibility from I-85 as well as immediate access to the interstate via exit 129.
The building is currently split into two suites, one 287,000 SF and the other 168,000 SF, and features clear heights of 22 – 32’. At closing, the property was 100% occupied with a weighted average lease term of 2.7 years., The overall vacancy rate in the Northeast Atlanta/I-85 submarket sits at 6.8% as of 3Q18.
“This acquisition aligns with our overall strategy. The property is leased at below-market rates in an improving Northeast Atlanta in-fill submarket and surrounded by institutional ownership. Although not part of our immediate strategy, 1001 Cherry also possesses up-side in expansion of the building or additional trailer parking.” notes Foxfield Principal, Jeff Harper.
Dennis Mitchell and Matt Wirth of Colliers International represented the seller in the sale of 1001 Cherry Drive.
About Foxfield Industrial
Foxfield Industrial, a joint venture between Novaya Real Estate Ventures and Foxfield Ventures, is a real estate operating company focused on the acquisition and operation of industrial properties throughout the Mid-Atlantic and the Southeast United States. The partnership aims to provide compelling, absolute investment returns while maintaining a margin of safety.
Foxfield and its affiliates currently manage over $130 million in existing assets and development projects. In the past two years they have acquired 11 properties totaling 1.5MSF.
Learn more at Foxfieldindustrial.com or follow Foxfield on Twitter @foxfieldind.