Trammell Crow and its partner CBRE Global Investors have acquired a 287-acre development site in Metro Atlanta on behalf of one of the investment funds. The site will soon begin construction of a 2.3 million square foot Class A logistics center.
Known as the Jackson 85 North Business Park, this development is located in a submarket in northeastern Atlanta along I-85 in Jackson County, about 60 miles from Atlanta.
It will be developed in two phases, with construction of the first phase starting in December and expected to be completed in the second half of 2022. Phase 1 consists of two cross-dock facilities, 538,450 sq ft and approximately 1. One million square feet.
Phase 2 consists of a single 713,050 sq ft cross-dock facility.Trammell Crow spokesman said Commercial Real Estate Executive Currently, there is no Phase 2 schedule.
All three buildings feature concrete exterior track coats 185 to 190 feet deep, clear 40 feet high, ESFR sprinklers, and R-19 insulation.
Wilson Hull & Neil Real Estate will be in charge of renting the project.
Demand for high-end logistics space continues to grow in the suburbs of Atlanta, especially in the dynamic northeastern submarket where the Jackson 85 is located, according to a statement prepared by Mark Dishaw, managing director of Trammell Crow’s Atlanta office. increase.
He said Trammell Crow is already leveraging this demand in nearby developments such as Jefferson Mill Business Park and Innovation Business Center.
First building Jefferson Mill in Jefferson, Georgia.Completed in 2018, the 1.1 million-square-foot state-of-the-art building is currently under construction as a build-to-suit for Ace Hardware, a Trammell Crow spokeswoman said. Commercial Real Estate Executive..
Last summer, Trammell Crow and its joint venture partner Diamond Realty Investments sold two buildings, 403,600 square feet. Innovation Business Center in Newnan, Georgia.It was virtually completed last December and sent to Bixby LandCo.
Metro Atlanta’s industrial real estate market broke records in the first half of the year with an absorption of 18.6 million square feet, according to a JLL second-quarter report. This is only 4 million square feet of total absorption in 2020. In addition, the overall vacancy rate is 5.0%, and spec development is leased on average just five months after delivery.
According to JLL, the northeastern submarket’s warehouses and distribution spaces have a total vacancy rate of 5.8%, a total inventory rate of 9.7%, inventory of 155.8 million square feet, and an average asking rent of $ 4.45.
Trammell Crow and CBRE Global build major industrial projects
https://www.commercialsearch.com/news/trammell-crow-cbre-global-to-build-major-industrial-project/ Trammell Crow and CBRE Global build major industrial projects