A New York-area investor has turned a Smyrna flex warehouse into a $27 million industrial bet, paying a premium for a property tied to major commercial tenants as Atlanta’s warehouse market regains its footing.
LM Real Estate Partners purchased the building from Berkeley Partners, Atlanta Business Chronicle first reported. The deal adds another sizable industrial asset to the investor’s growing Southeast portfolio.
According to Bisnow, the 154,000-square-foot shallow-bay property is associated with 3M and includes Lectra North America and StreamLabs Water as tenants. The acquisition closed at a 7% cap rate, with BankUnited providing nearly $20 million in financing that matures in 2030…