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Real Estate Firms Acquire Industrial Property In Georgia And Florida

A privately held, commercial real estate firm focused on providing investment, brokerage, management and development services in the Southeast, Ackerman & Co. completed acquisition, for $135 million, of Stone Mountain Industrial Park, a 4.1-million-square-foot complex encompassing 69 buildings in the Tucker/Stone Mountain submarket of Atlanta, Georgia.

According to the Ackerman officials, properties were originally developed and master-planned by the seller, Pattillo Industrial Real Estate. 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.

Brennan Investment Group, a private real estate investment firm that acquires, develops and operates industrial properties, acquired an eight-building light-industrial complex totaling 254,915 square feet in the Northwest Orange County submarket of Orlando, Florida.

"We are pleased to complete the acquisition of this eight building portfolio in the Northwest Orange County submarket, one of the largest industrial submarkets in Orlando, totaling over 21 million square feet. The Orlando market has demonstrated strong fundamentals, evidenced by 2.5 million square feet of positive net absorption year-to-date, and a vacancy rate of 9.2%, down 60 basis points from this time last year," said Scott McKibben, Chief Investment Officer at Brennan Investment Group.

Bob Krueger, Southeast Managing Principal for Brennan Investment Group, stated, "This acquisition is illustrative of our strategy to acquire functional, well-located assets, in a rebounding market with the ability to add value through repositioning and hands-on leasing."

This acquisition increases Brennan's Florida and Southeast region portfolio to 35 buildings.

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