ATLANTA—MetLife is working with Panattoni Development to build a massive $110 million industrial distribution park on 183 acres near Atlanta. Dubbed Lambert Farms Distribution Center, the industrial project will offer up to 3 million square feet of distribution space and could make room for up to two 1.5 million-square-foot facilities.
“The Lambert Farms development in the Atlanta area shows that MetLife is further diversifying its real estate equity holdings by adding a high quality industrial asset to our portfolio,” says Robert Merck, senior managing director and global head of real estate for MetLife. “Nationally, we think the long-term growth factors for industrial markets in core cities are very positive, and we are excited to have an experienced partner with national reach in Panattoni Development.”
Lambert Farms Distribution Center will offer up to 3 million square feet of quality distribution space and may accommodate up to two 1.5 million square foot industrial facilities.
The industrial asset will rise from dirt on King Mill Road in Henry County. That’s 15 miles south of Hartsfield-Jackson International Airport and 25 miles from Atlanta. The class A development will feature LEED Certified buildings, clear heights of 36 feet and truck court depths of up to 240 feet.
MetLife expects the industrial property to attract a wide variety of corporate tenants looking for high-quality distribution and warehouse space when it comes online in about three years. The project is expected to create about 1,200 full-time construction jobs.
MetLife will be the majority partner and Panattoni will be the managing member. According to Merck, the companies have plans for an initial portfolio of eight state-of-the-art industrial facilities in four states spanning nearly 6 million square feet on 356 acres. In addition to the Lambert Farms project in Atlanta, the companies plan to build facilities in Seattle, Chicago, the Inland Empire market of California and another project in the Northeast Atlanta sub-market.