LRC Properties purchases 522,071 s/f industrial property in Morrow, GA for $31.5 million

June 28, 2022 - Outside The Region

Morrow, GA LRC Properties has purchased the Zion Industrial property located at 1791 Mt. Zion Rd. With this purchase, LRC Properties continues its presence in Atlanta and expands its footprint in the vital Southeast region. LRC Properties purchased the 522,071 s/f vacant building, in a joint venture with an institutional LP partner, for $31.5 million.

LRC Properties has several capital improvements planned for the property which will help position it as a multi-tenant location. The company plans to remove 54,000 s/f from the building to enhance the overall site access, create better traffic flow around the building, and add needed trailer parking and dock space to reposition the property and make it functional. Additionally, LRC will add a new ESFR sprinkler system, LED lighting, and exterior building and paving improvements. The company is working with Mike Sutter from Lee and Associates to lease the building.

“We view Atlanta as a key market and the Atlanta airport submarket as a prime location, so this property was an excellent, value-add opportunity for us to purchase. It is strategically located less than seven miles from Hartsfield-Jackson airport and near major roads, making it convenient for logistics needs. We know that with capital improvements and our planned repositioning, we will be able to bring Zion Industrial back to its highest use and make it a highly desirable location for a wide range of tenants,” said Karie Nero, principal of LRC Properties. “Equally as important, this property, like all of our properties, will provide a strong return on investment for our investors.”

LRC Properties has a lot of experience in Atlanta having previously owned several other industrial properties in Atlanta, including properties located in Newnan, McDonough, and Lithia Springs. With the Zion Industrial purchase, LRC Properties currently owns approximately 6.5 million s/f of commercial properties in the Southeast with assets under management more than $550 million.