February 24, 2022
Triten Real Estate Partners has expanded their nationwide Industrial Service Facility (ISF) portfolio with three recent acquisitions in Atlanta and Savannah totally over 62 acres. Two of the properties were purchased off-market and are in the Airport East submarket of Atlanta. Both properties are in the heart of “Trucker’s Alley”, and minutes away from Moreland Avenue, the city’s main trucking corridor. The first of the two is a fully fenced, 8.73 acre, 18-door truck terminal located at 2665 Campbell Road. The second is a sale-leaseback of a 9 acre, 30-door truck terminal and freight facility located at 1696-1738 Joy Lake Road.
The property at Joy Lake Road was represented by Jordan Camp and Reid Hanner at Foundry Commercial.
The two acquisitions were inspired by the significant activity that is consistent within the Atlanta industrial market. Year-to-date absorption is at its largest volume in history, surpassing 2020’s record by 2.0 million square feet. Absorption is already overtaking new supply by 9.6 million square feet, and this is not expected to change as the market has roughly 45 million square feet of active tenant requirement.
The third property purchased is near the Port of Savannah’s Garden City Terminal located at 300 O’Leary Road in Port Wentworth, Georgia. The site consists of a fully fenced, lit, and gated 14.25-acre drop yard and is leased to XPO, a top 3 intermodal provider in North America. The Savannah property includes additional land for future development.
The Savannah industrial market is currently at 3.2% vacant with 13.3 million square feet under construction. Based on its current pipeline, Savannah has one of the largest supply pipelines in the entire country based on a percentage of inventory – 16% (among metros with over 50 million square feet of inventory). Persistent congestion at the Ports of LA/Long Beach have resulted in shippers looking to East Coast ports to mitigate shipping delays. Savannah is poised to capitalize on the redirection to the East Coast due to Georgia Ports Authority’s continued investments toward increasing capacity.
“Triten continues to invest significantly in the major transportation hubs of Atlanta and Savannah,” says Zach Dobin, principal at Triten Real Estate Partners. “We are focused on growing our portfolio to provide real estate solutions for transportation and logistics users that are essential to satisfying ongoing growth in e-commerce.”
Triten has a $400 million institutional fund to acquire ISF properties over the next two years. In 2021, Triten has acquired over 300 acres of ISF properties consisting of freight facilities, outdoor storage, LTL terminals, and truck parking locations.