ATLANTA, March 08, 2018 (GLOBE NEWSWIRE) -- GSK US Properties announced today its acquisition of 120 Royal Woods Ct, a 100% leased, 227,735 sf distribution center in Tucker, Georgia.
Built in 1998, 120 Royal Woods Ct is an institutional quality industrial warehouse boasting 30’ clear heights, 45 dock doors and a 160’ truck court. The property is fully leased to Lehigh Technologies, a specialized rubber recycling company that was recently acquired by French tire giant Michelin.
Prior to its latest acquisition, GSK closed on 16126 Alcovy Rd, a 302,062 sf distribution center in Covington, Georgia. Rebranded as the Alcovy Distribution Center, the modern tilt-wall facility has up to 26’ clear heights and sits on 19 acres of land. Fully leased to a single tenant at the time of acquisition, the property was overlooked by numerous investors due to its I20-East location, tighter truck court, lack of loading and difficulty to finance given an in-place 6 month rolling termination option. Despite what other’s saw as shortcomings, GSK US Properties was able to envision a highly functional facility with an easily expandable truck court, punch outs for additional dock doors and an in-place tenant with rental rates significantly below market in one of the lowest vacancy submarkets in the entire Atlanta MSA.
In fact, this is precisely what sets the group apart. Robert Kurlender, President of Perceptive Capital and GSK US Properties, explains, “Our investment philosophy differs from most. To start, we look to hold assets long term. Moreover, we concentrate on acquiring and repositioning good quality industrial product that others tend to overlook largely due to age, location, historical stigmas, financing challenges and/or transactional complexity.”
The recently formed GSK platform is currently committed to acquiring 2 million square feet of industrial product in the United States, with a specific focus on the Atlanta market.
About GSK
GSK US Properties is a joint venture between the principals of Cité Industrielle Lasalle and Perceptive Capital. Cité Industrielle Lasalle, headquartered in Montreal, Quebec, owns and manages over 2.5 million square feet of industrial space in Canada. Perceptive Capital is a Canadian based private equity real estate firm focused on acquiring industrial property in the US. Over the past 20 months, Perceptive has executed on over $35 Million of US based industrial property.
For more information visit: http://www.perceptivecapital.com/ or contact info@perceptivecapital.com