Active - Industrial
This asset was acquired as part of a diversification strategy to balance the multi-family portfolio. Though 7 industrial buildings were originally purchased in this area, 2 were quickly sold to end-users at a premium over the acquisition price. The 5 remaining buildings were converted to quasi-retail and distribution use and rents were raised. This kind of property in this area is both versatile and valuable; there won’t be more built and, at the time of purchase, this was a very high growth market.
In recent years, EpiCity has worked with the client to look at the macro-level economic changes that have impacted the area. These properties were hit hard as retail and distribution tenants suffered from the downturn. EpiCity provided strategic assistance in working creatively with tenants to help them manage through the difficulties.
The area is now stabilizing; rents and occupancy are again increasing. Today, these buildings also offer several strategic opportunities for the future. EpiCity expects to ultimately sell the buildings directly to end-users or redevelop should circumstances warrant.
Property Address: 1862 Enterprise Dr NW, Norcross, GA 30093