Two Building, 682,750 SF Portfolio in Atlanta, GA
Acquired: September 2013
Acquisition Price: $21,900,000
Occupancy at Acquisition: 94%
Sale Date: November 2016
Sales Price: $28,400,000
Net LP IRR: 23.5%
Net LP equity multiple: 1.84
The deal consisted of a Class B Bulk Distribution building comprised of 439,487 SF of bulk warehouse and 215,800 SF of freezer/cooler space on an expansive 45-acre site.
A year after closing, a major tenant occupying 439,487 SF executed its termination option taking occupancy down to 35%.
Within 4 months of the tenant vacating , Trident was able to secure a long term lease with a Fortune 500 company at an 8% higher lease rate then the previous tenant. This took occupancy back to 100%