ATLANTA — MDH Partners has sold its 58-property Sunbelt Logistics Portfolio to an undisclosed global institutional investor for $1.3 billion. MDH will retain an ownership stake in the portfolio and will continue to operate the properties.
The portfolio spans 9.7 million square feet of industrial space across 10 states, including 11 properties in Georgia; 10 properties in Florida; eight properties in Texas; seven properties each in Arizona and Missouri; four properties each in Tennessee and North Carolina; two properties each in South Carolina and Virginia; and one property in Kentucky.
The final two properties include nearly 675,000 square feet of newly constructed buildings in Nashville and Charlotte that were constructed with CarbonCure, a technology for the concrete industry that introduces recycled carbon dioxide into fresh concrete to reduce its carbon footprint.
The Sunbelt Logistics Portfolio includes 753 Broadway Ave. in Braselton, Ga.
The portfolio consists of modern, state-of-the-art industrial and bulk distribution properties with an average size of 169,000 square feet. The properties feature average clear heights of 30 feet with 130-foot truck courts. The portfolio was 97 percent occupied at the time of sale by more than 100 regional, national and international tenants with an average remaining lease term of 5.7 years.
“This diversified portfolio provides immediate scale and operating efficiencies, strategic locations and has high potential for investment return,” says Jeff Small, CEO of MDH. “We are now actively investing in MDH Partners Fund II, seeking further investment opportunities in the industrial sector.”
Properties in Georgia include 362 Industrial Park Drive NE in Lawrenceville; 753 Broadway Ave. in Braselton; 975 Chestnut St. SE in Gainesville; 1120 Purina Drive in Gainesville; 1245 and 1248 Palmour Drive in Gainesville; and 1500 Marietta Road NW in Atlanta.
Eastdil Secured marketed the portfolio on behalf of MDH Partners. Kevin Thomas, Wes Sheumaker, Daniel McKeithen and Kristina Kopf Thomas of Eversheds Sutherland Real Estate advised the seller in the transaction.
MDH Partners is an Atlanta-based real estate investment company that manages discretionary funds targeting industrial real estate across the U.S. on behalf of institutional investors. Founded in 2005, the company has led or participated in over $6 billion in acquisition, development and asset management as an advisor and investor.
—Katie Sloan