CapRidge Partners Continues Acquisition Momentum in Atlanta with Purchase of Dekalb Technology Center
Posted on June 23, 2022
Represented by Foundry Commercial, CapRidge Now Owns ~900,000 Square Feet in the Metro
Atlanta, Ga. (June 23, 2022) – Capitalizing on the momentum the company started last year, Austin-based CapRidge Partners – aided by Foundry Commercial – recently purchased the Dekalb Technology Center, a 285,000-square-foot flex park inside Atlanta’s coveted I-285 perimeter. The purchase marks nearly 900,000 square feet of Atlanta-area acquisitions for CapRidge in the previous 12 months alone.
“CapRidge continues to believe in the strong demand and low supply dynamic that has propelled the light industrial sector around the Sun Belt and Atlanta in particular. Through our firsthand management of several of these assets over the last year, we have specific knowledge of what these true light industrial users desire,” said Dan Terpening, Managing Director, CapRidge Partners. “Dekalb Tech, and Westfork Commerce purchased back in March, fit right into our existing portfolio by providing warehouse, office, or mixed-use fabrication space, yet are miles closer to population centers and typically with irreplaceable improvements from a cost-to-build standpoint. Our properties can accommodate virtually anyone who needs small bay industrial space within a fifteen-minute drive from the bulk of Atlanta’s ever-growing population.”
“The light industrial sector has continued to see strong tenant demand pushing current vacancy rates to sub-4 percent in spaces under 10,000 square feet. Given this trend, we see rents continuing to aggressively run in the small bay sector of Atlanta’s infill submarkets,” said Foundry Senior Vice President Reid Hanner and Jordan Camp.
The Dekalb Technology Center, which is currently 67% leased, is comprised of eight buildings and is located at “main and main” with visibility from “Spaghetti Junction,” the intersection of I-85 and I-285. This sought-after infill location provides centralized access to employees, customers, and service providers with a recognizable position and immediate proximity to two of Atlanta’s most integral interstate thoroughfares.
In addition to the Dekalb Technology Center, CapRidge has acquired the following assets over the past year:
Cobblestone Business Park is a two-building dock-high industrial portfolio acquired by CapRidge that has just under 100,000 square feet. The portfolio is located approximately three miles from I-575 and is well positioned in the Northwest submarket of Atlanta in the flourishing city of Woodstock, one of the largest labor markets in the area
Franklin Forest is a five-building flex industrial business park located in Northwest Atlanta, one of the region’s premier industrial submarkets, with little available land for development of new product. The asset, inclusive of over 113,000 square feet, is located just off I-75 one exit north of The Battery mixed use development and new home to the Atlanta Braves. Additionally, the Franklin Forest asset presented CapRidge with the opportunity to buy a rare value-add flex industrial deal in an off-market transaction.
Whittier Mill Complex is a five-building light industrial portfolio located in Atlanta that totals 81,409 square feet. This portfolio is strategically located within one mile of two different interchanges of I-285 and in close proximity to Buckhead, Midtown, and the northwest Atlanta suburbs. As a shallow bay, multi-tenant industrial complex located in an excellent infill location, the property currently serves a variety of uses including warehouse, distribution, and showroom. Whittier Mill presented CapRidge with the rare opportunity to acquire and urban infill light industrial product inside the I-285 perimeter, where more than 21 million square feet have been demolished for “highest and best use” product types or repurposed over the last 20 years.
Lakeridge Court, a 188,000-square-foot four-building infill business park in the Southeast Cobb submarket. The business park features a number of nearby amenities and direct access to Atlanta’s interstate network, attracting and retaining employees from all areas of the metro. CapRidge intends to transition the property from heavy office suites to light industrial within the next couple of years, creating fully air-conditioned warehouse suites targeting users needing to be close to Atlanta’s Central Business District.
Westfork Business Park, with approximately 100,000 square feet, features a prime Douglas County location with great visibility for tenants on heavily traveled Thornton Road. This versatile, flex property lends itself to uses ranging from office to retail, from warehousing to distribution, from fitness to medical office space, and more. Westfork Business Park, which is only 15 minutes from downtown Atlanta, offers large, dedicated areas for truck loading and unloading behind each suite with high docks and roll-up doors.