BentallGreenOak has acquired a vacant 1,015,740-square-foot distribution warehouse on Horace Head Road in Atlanta for $78.7 million.

The property was delivered in 2020 by a joint-venture between MetLife Investment Management and Panattoni. It is currently the only existing vacant warehouse one million square feet or greater in Atlanta, which BentallGreenOak says positions it to capitalize on strong leasing fundamentals.

“Atlanta has experienced unprecedented leasing absorption over the past 12 months, driven by robust population growth across the MSA and a continued emergence of e-commerce related activity,” said Joe Paskov, VP of investments for BentallGreenOak. “This acquisition represents an opportunity to invest in quality real estate in a growth-oriented location, at a time when institutional interest in Class-A industrial assets have compressed cap rates to historically low levels.”

The warehouse features 36’ clear heights, 185’ truck courts, 570’ building depths, 400 auto parking spaces, 227 trailer parking spaces and two speculative office pods.