The purchase price for the land at King Mill Road and US 23 wasn't disclosed, but area industrial brokers familiar with the location tell GlobeSt.com the estimated value of the deal will be about $11 million or $60,000 per acre ($1.38 per sf). Gerald W. Hudgens and Hudgens Communities of Henry County were the sellers.
The partnership plans to break ground this year on King Mill Distribution Park's first spec building, a 416,000-sf structure that could be expanded to 790,000 sf in the near future.
"All the work done by the Cousins/Weeks team over the past eight months has been geared toward getting our first project off the ground and now we're one step closer to reaching that goal," says Forrest Robinson, president of Cousins' industrial division. "We're also optimistic about the rebound currently taking shape in Atlanta's industrial market."
The Cousins/Weeks venture will join Duke Realty Corp. in Henry County where Duke was one of the first development groups to see the county's potential. Duke's one-million-sf Liberty Distribution Center, with rail service, is near Interstate 75 and State Road 155. The park has room to develop another 630,000 sf, according to Sam O'Briant, Duke's vice president of industrial in Atlanta.
Coincidentally, Robinson of Cousins' industrial division spent 20 years with Weeks Corp., including seven years as president and chief operating officer. He remained with Duke after Atlanta-based Weeks Corp. merged with Duke Realty Investments of Indianapolis. The merged company is Duke Realty Corp.
Although King Mill Distribution Park is national in design and scope, Cousins/Weeks initial focus is on the metro Atlanta market, Robinson says.
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