ATLANTA, Dec. 3, 2015 /PRNewswire/ -- Ackerman & Co. announced today it has completed the acquisition of Stone Mountain Industrial Park, a 4.1-million-square-foot purchase encompassing 69 buildings in the Tucker/Stone Mountain submarket of Atlanta, for $135 million. The properties were originally developed and master-planned by the seller, Pattillo Industrial Real Estate. Ackerman and Pattillo have been two of the leading Atlanta commercial real estate companies for the last 50 years.
Ackerman & Co. partnered with Investcorp - an alternative investment manager and active real estate investor in Atlanta and the Southeast - to complete the transaction, which closed 75 days from award of deal. The diverse portfolio of shallow-bay industrial warehouses includes single-and multi-tenant configurations of front, rear and side-load designs ranging from 5,000 to 200,000 square feet. "Investcorp and Ackerman are fortunate to own these well-built and strategically located properties," said Kris Miller, President of Ackerman & Co.
"We congratulate Ackerman and Investcorp on their bold new investment. They are committed to an area that has a Community Improvement District, a newly incorporated City of Tucker and a sterling location that has served a strong business community for many years," said Larry Callahan, CEO of Pattillo Industrial Real Estate.
Cushman & Wakefield's Stewart Calhoun, David Meline, Samir Idris and Casey Masters brokered the sale on behalf of Pattillo. "The Cushman team contributed significantly to the success of this complicated transaction and kept us on schedule," said Miller.
Twenty-five-year veteran and Ackerman & Co. Senior Vice President Brett Buckner, CCIM, SIOR, will manage the leasing and user-sales at Stone Mountain Industrial Park. Professional and on-site management will be provided by the Ackerman & Co. Property Management division.
About Ackerman & Co.
Headquartered in Atlanta, Ackerman & Co. is a privately held, full-service commercial real estate firm focused on providing investment, brokerage, management and development services in the Southeast. To date, Ackerman & Co. has developed and acquired nearly 35 million square feet of office, medical, industrial, retail and mixed-use space, has more than 7 million square feet under management, and maintains an investment portfolio valued at $1 billion. More at www.ackermanco.com.
Investcorp is a leading provider and manager of alternative investment products and is publicly traded on the Bahrain Bourse (INVCORP). The Investcorp Group has offices in Bahrain, New York, London, Saudi Arabia and Abu Dhabi. Investcorp has three business areas: corporate investment in the U.S., Europe and the Gulf, real estate investment in the U.S and global hedge funds. As at June 30, 2015, the Investcorp Group had $10.6 billion in total assets under management ('AUM'), including assets managed by third party managers where Investcorp receives fees calculated on the basis of AUM. More at www.investcorp.com.
SOURCE Ackerman & Co.