(APRIL 14, 2021 – ATLANTA) – Serac Capital Partners, LLC, a Houston based private equity firm, announced that it acquired Bailey Park, a light industrial property consisting of four single-story buildings and one two-story building. The five buildings, which sit on 17.66 acres, total 197,549 square feet and are 78% leased. Serac Capital Partners purchased the Northwest Atlanta asset for $21,150,000. 

“By offering tenants a full-on warehouse experience without compromising their office needs, Bailey Park is a differentiator in the market,” said Serac Capital Partners CEO Wm. Roger Gregory. “With dock high warehouses, clear heights of over 15 feet, and rear building entry, the property is ideal for companies seeking storage, distributing, light assembly, or testing space with accompanying offices.”

Bailey Park is prominently positioned within the trade area of Barrett Park, a 1,000-acre, mixed-use complex totaling more than 2.8 million square feet of office and industrial space adjacent to Cobb County Airport. Tenants are attracted to the property’s safe and well-lit parking areas, park-like setting, access to retail amenities, and proximity to the local employment base. Bailey Park is situated within an 8-minute drive of 114 restaurants and three miles from Kennesaw State University, which enrolls more than 40,000 students annually. The property benefits from easy access to I-75 and convenient travel to the heart of Atlanta.

While no two buildings are identical, the property features a consistent office to warehouse ratio of 75% and 25%, respectively. Bailey Park offers a strong tenant mix with 60% credit tenancy serving multiple industries, including healthcare, consumer goods, civil engineering, commercial services, and construction supply, among others.

“Bailey Park appeals to a broad range of tenants because of its flexible use and office park setting. We see this tenant base growing as more companies explore options outside the central business district and see the value of single-story space with direct access,” said Serac Capital Partners VP of Investments Ridley Goodpasture. “This is a supply restricted property type in major markets like Atlanta because the large tracts of land required to replicate it are difficult to find.”

The Transwestern leasing team of Matthew Spickard and Parks Brown will represent the owner. Transwestern will also serve as property management at Bailey Park.

Thomas R. Shafer and John Hinson of Capital Real Estate Group represented the seller in the transaction. MetLife Investment Management provided the debt financing. The Capital Markets team of Charlie Clark and C.J. Kelly, with CBRE Debt & Structured Finance, arranged the debt financing.