In 2015, Aureon acquired a 1.2m SF industrial park consisting of 17 buildings located in Norcross, GA. Aureon deployed a focused strategy to invest in higher-returning multi-tenant industrial properties overlooked by market participants favoring larger warehouses.
The park offered prime access in Atlanta’s I-85 northeast submarket, the largest and most institutional industrial submarket in the southeastern US. Aureon invested capital to create tenant-ready spaces and convert office build-out into warehouse space, as well as capitalized on operations improvement through proactive leasing to increase occupancy by 20% and NOI by 50%.
Aureon completed its business plan and exited the investment in 2020, benefitting from the anticipated institutionalization of multi-tenant industrial as an asset class.
