Wharton Bakers Ferry was purchased in February 2014. The four building 315,500 square foot project is located in Atlanta’s I-20 West industrial corridor.
The property was purchased from an institutional ownership group, CIGNA. The $4,780,000 ($15.15 SF) purchase price was significantly below replacement cost. AIP Properties completed significant renovations on the four buildings replacing several roofs, repaving several truck court and parking lots while also completing significant cosmetic exterior improvements at all four buildings and numerous tenant’s spaces.
At the time of purchase, the property was 75% leased and within six months the project was 100% leased and was providing a consistent cash flow for investors.