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ATLANTA-Although small deals individually, the two dirt transactions closed Wednesday by Dallas-based Mullen Co. in suburban Newnan, GA are expected to open up the area for various multi-million-dollar developments, area brokers tell GlobeSt.com.

“I know these sales are small, but it’s about a $60 million dirt deal in all, with several hundred million dollars worth of development planned,” Mullen’s Chris Cooper tells GlobeSt.com. “This area is booming.”

Representing Newnan Crossing Partnership’s 1,000-acre mixed-use development, Mullen negotiated a $1.8 million, 17.3-acre sale on multifamily-zoned land to CED Holdings of Orlando for $104,046 per acre or $2.39 per sf. In the second transaction, Riverwood Properties of Atlanta paid $1.1 million or $733,333 per acre ($16.84 per sf) for a 1.5-acre retail site. The two tracks are on the east side of Interstate 85.

CBL & Associates of Chattanooga, TN has the mall site under option, area brokers confirm to GlobeSt.com. Mullen is building two four-lane divided parkways through the 1,000-acre development for a one million-sf, open-air regional lifestyle center and over 1,000 additional single-family and multifamily units.

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