Commerce, GA — Hillwood Investment Properties (Hillwood), a Perot company, in a joint venture with Brookfield Real Estate Opportunity Fund II (Brookfield), has purchased Commerce 85 Distribution Center, a 962,280-square-foot Class A, state-of-the-art distribution facility located in the Atlanta metro area.
Hillwood and Brookfield plan to reposition the asset by immediately investing about $1.2 million in improvements to the building and offering the facility for lease to prospective warehousers, distributors, and manufacturers.
“We believe the Atlanta area is a high growth market, and our purchase of Commerce 85 Distribution Center brings great value to prospective tenants,” said Preston Herold, senior vice president for Hillwood. “Available incentives for eligible prospective tenants include customer choice electrical power and Jackson County tax abatements. These incentives — combined with one of the lowest combined tax millage rates in the Atlanta metro area and Hillwood’s below replacement cost purchase price — result in the most competitive total occupancy cost package for a Class A building in the Atlanta metro area.”
Commerce 85 Distribution Center was built in 2007 and is located at 1523 Steve Reynolds Industrial Blvd., Commerce, Georgia. It is accessible via both the SH-98 interchange and US-441 interchange with Interstate 85.
Todd Barton, first vice president, and Greg Haynes, senior vice president of CB Richard Ellis (CBRE), represented the buyer in the purchase of the property and will also handle the leasing.
About Brookfield Real Estate Opportunity Group
Brookfield Real Estate Opportunity Group is a well-capitalized and sponsored real estate fund investing in commercial real estate opportunities throughout North America. The Group was formed in 2004 and has since acquired assets exceeding $2 billion. The Group’s sponsor is Brookfield Asset Management Inc. (“Brookfield”) (NYSE: BAM). Brookfield is a leading global alternative asset manager focused on the real estate, renewable power, and infrastructure sectors.
With over $150 billion in assets under management, Brookfield has a considerable presence in commercial real estate, with approximately $70 billion under management.
About Hillwood
Hillwood, a Perot company, is ranked as one of the top commercial real estate investors and developers in the country and the top residential developer in Dallas-Fort Worth. The company’s developments currently house facilities for 58 companies listed on the Fortune 500, Global 500 or Forbes List of Top Private firms. Hillwood is best known for its Alliance brand that includes the 17,000-acre AllianceTexas, 4,474-acre AllianceFlorida at Cecil Commerce Center, and 2,000-acre AllianceCalifornia. For additional information about the company, please visit http://www.hillwood.com/.
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