Hillwood Investment Properties, a Perot company, in a partnership with Brookfield Asset Management and the Hillwood-Brookfield Industrial Partners fund, signed a 962,280 square foot lease at Commerce 85 Distribution Center in Commerce, GA with Ollie’s Bargain Outlet, Inc. (Ollie’s), one of the country’s largest retailers of closeouts, excess inventory, and salvage merchandise.
“We are pleased to welcome Ollie’s to Commerce 85 Distribution Center,” said Dan Tatsch, Senior Vice President for Hillwood Investment Properties. “Atlanta is a high growth market and prime location to distribute Ollie’s products to its rapidly expanding network of retail stores in the South.”
Commerce 85 Distribution Center is located at 1523 Steve Reynolds Industrial Blvd. in Commerce, Georgia, in the Atlanta metro area. The agreement is a phased-occupancy deal in which Ollie’s will ultimately occupy the entire building. This is Ollie’s first distribution center in Georgia.
“The expansion of Ollie’s into the Southeastern United States supports our future expansion plans for the foreseeable future,” said John Swygert, Executive Vice President and Chief Financial Officer for Ollie’s. “The new distribution center will serve our new stores in Georgia, Alabama, Florida, Tennessee, South Carolina and North Carolina.”
John Van Buskirk of Jones Lang LaSalle brokered the deal on behalf of Ollie’s. Greg Haynes of CBRE, Inc. brokered the deal on behalf of Hillwood. Terms of the transaction were not disclosed.
About Ollie’s Bargain Outlet, Inc.
The first Ollie’s store was founded in Mechanicsburg, Pa., in 1982 and has grown to become one of the country’s largest retailers of closeouts, excess inventory, and salvage merchandise, with 154 stores in 14 states. Much of the merchandise comes direct from the finest manufacturers in the country and abroad. Ollie’s buyers scour the world looking for closeouts, overstocks, package changes, and manufacturer refurbishes. For more information, please visit http://www.ollies.us.
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 more than 85 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 18,000-acre AllianceTexas, 4,474-acre AllianceFlorida at Cecil Commerce Center, and 2,000-acre AllianceCalifornia. For additional information about the company, please visit www.hillwoodinvestmentproperties.com or www.hillwood.com.
About Brookfield Asset Management
Brookfield Asset Management is a global alternative asset manager focused on property, renewable power, infrastructure and private equity, with over US $175 billion of assets under management, which includes approximately US $100 billion of property assets under management in North and South America, Europe and Australia. In addition, the company provides clients with an extensive array of real estate advisory, property and investment services. Brookfield is publicly listed on the NYSE, TSX and Euronext Amsterdam under the symbol BAM, BAM.A and BAMA, respectively. For additional information on the company, please visit http://www.brookfield.com.