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Joint venture sells distribution center and 48 acres in Atlanta

A joint venture between Atlanta-based companies Granite Properties and Republic Property Co. has sold Atlanta’s Riverview Distribution Center and 48 adjacent acres for $23.55 million in two separate deals.

Houston-based Weingarten Realty Investors paid $11.3 million for the 265,000 square foot Riverview Distribution Center.

The adjacent acreage, which fetched more than the distribution center, was acquired by Cookeville, Tenn.-based Averitt Express for $12.25 million.

Chris Riley, Frank Fallon and Brian Budnick of CB Richard Ellis represented the joint venture while Blaine Kelly, also of CB Richard Ellis, represented Averitt Express.

The property, developed in 2005, is 65 percent occupied by CHEP. It is located at Fulton Industrial Boulevard and Camp Creek Parkway.

Weingarten Realty is a Houston real estate investment trust.

Averitt Express is a freight transportation and supply chain management provider.

Granite Properties is a real estate investment company specializing in office, industrial and retail properties.

Republic Property Company is a full service real estate development company specializing in the development, leasing and management of industrial properties.

Address: 5885 Fulton Industrial Blvd., Atlanta, Ga.

Size: 265,000 square feet/48 acres

Built: 2006