JEFFERSON, GA-Cousins Properties Inc. has acquired a 304-acre tract here from Atlanta-based All-Stitch Embroidery Co. Ltd. for about $15 million or $50,000 per acre ($1.15 per sf), area industrial brokers in a position to know tell GlobeSt.com. This Jackson County city is about 50 miles northeast of Downtown Atlanta.
The Atlanta-based REIT plans to break ground in the second quarter on Jefferson Mill, a proposed 3.2-million-sf, speculatively built complex of seven industrial buildings in northeast Atlanta, Forrest Robinson, president of Cousins' industrial division, says in a prepared statement.
Robinson and vice presidents Patrick Hickey and B. Maynard Scarborough couldn't be reached to learn the price of the 304 acres and the estimated development cost of Jefferson Mill. However, metro industrial brokers and construction sources familiar with the northeast Atlanta submarket tell GlobeSt.com Jefferson Mill will probably have a hard construction cost of at least $50 per sf or a total $16 million.
The development site is at the northeast corner of Interstate 85 and Highway 129. "This acquisition is strategic to our plan to have major developments in the best submarkets in metro Atlanta and it comes together almost one year to the day since we began our first development project, King Mill in Henry County," Robinson says in a release.
He says Jefferson Mill will be "a more diverse project, with buildings sized from 200,000 sf to 750,000 sf with smaller sites for owners who want two to 10 acres for their own buildings." The 120-million-sf northeast Atlanta industrial submarket is the largest in the metro area, according to Robinson.
Robinson says King Mill Distribution Center will have its first speculative warehouse building completed in the first quarter of this year. At full build-out, the 182-acre property near King Mill Road and US 23 in Henry County will have 2.9 million sf of industrial space.
Will Cobb of Norton Commercial Group represented Cousins. All-Stitch Embroidery Co. Ltd., the seller, negotiated for itself.
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