ATLANTA, June 29, 2023 - NewStar Asset Management ("NewStar" or the "Company") announced today the sale of McEver 985 Distribution Center (the "Property"), a 214,479 square foot Class A warehouse developed by the Company and delivered in May 2023. Project specifications include a 32' clear height, 34 dock doors with 12 35,000 lb. levelers, 2 drive-in doors, 185' truck court with 30 trailer spaces, and 135 car parks. Choate served as the General Contractor.
The Property is located in the Northeast industrial submarket of Atlanta, with convenient access to I-985. In addition to serving the broader Atlanta and Southeast logistics economy, the Property sits within a recently developed industrial park featuring projects delivered or underway from Hines, Brookfield, Macquarie and other global industrial investors. The Property is 46 miles northeast of downtown Atlanta and 5 miles south of Gainesville, Georgia, ranked the #1 U.S. housing market by Bankrate in 2023 out of 212 metropolitan statistical areas. The Northeast Atlanta industrial submarket was more than 95% leased through Q1 2023, and T-12 rent growth among the Property's competitive set exceeded 30%.
For more information on NewStar, please contact info@newstar-am.com.
About NewStar: NewStar Asset Management is a real estate-focused alternative investment and asset management company based in Atlanta, Georgia. For more information visit www.newstar-am.com.
SOURCE NewStar Asset Management
