CenterSquare is growing its Atlanta footprint with the purchase of Presidential Drive, a nearly full industrial site in Chamblee’s bustling infill market.
CenterSquare Acquires Infill Industrial Property in Chamblee
CenterSquare Investment Management acquired Presidential Drive, a 62,581sf industrial site in the Chamblee submarket. The two-building site houses nine tenants and is nearly fully leased at 94% occupancy.
Located inside Atlanta’s I-285 perimeter near the I-85 interchange, Presidential Drive features suites averaging 6,258 square feet. Tenants enjoy 18-foot clear ceilings and a mix of drive-in and dock-high loading doors.
The two-building property serves diverse service industrial tenants. It also supports CenterSquare’s Service Industrial approach.
Over the past 20 years, roughly 20% of industrial space inside the I-285 perimeter has been demolished or redeveloped, making well-located sites like Presidential Drive increasingly valuable.
Strategic Improvement Plan
After an exclusive off-market showing, CenterSquare mapped out plans to upgrade the Chamblee property and bring rents in line with the market. Planned upgrades include roof repairs, asphalt and concrete work, and selective HVAC replacement.
The firm aims to execute its value-add strategy and grow income through these upgrades and institutional management.
Ongoing Growth in the Service Industrial Sector
As part of its value-added strategy, CenterSquare marks its ninth Service Industrial investment with the latest acquisition. The real estate manager has previously sold two investments, and the current portfolio now totals over 1.6 million square feet.
This marks CenterSquare’s second Service Industrial purchase in Atlanta, following a 108,400-square-foot portfolio acquisition in January for its Value-Added Fund V.
With targeted upgrades and hands-on management, CenterSquare plans to boost both occupancy and property value.
