Basis Industrial and One Investment Management have paid $89.5 million for a 621,759-square-foot industrial portfolio within the Atlanta metro area. Commercial Search reports Middour Investments was the seller, and Bank of Montreal provided acquisition financing.
The portfolio comprises 25 buildings across five industrial campuses completed between 1982 and 1995. Three of them are located in Stone Mountain, Ga., while the other two are situated in Tucker, Ga.
The collection houses 119 tenants with a weighted-average lease term of nearly 2.2 years. Basis plans renovations throughout the portfolio.
Basis’ Anthony Scavo represented the buyer, while Middour Founder & Principal Owen Middour represented the seller.
This is the joint venture’s second acquisition. The first one was the $144.6 million purchase of five shallow-bay properties in the Atlanta and Orlando, Fla., metros, a transaction that closed in April.
