The partnership expects to break ground on the first buildinglater this month. Granite and Republic acquired the 8.5-acre tractfrom Minneapolis-based Meritex Enterprises for $7.3 million or$85,882 per acre ($1.97 per sf). A 400,000-sf industrial buildingon the site will be demolished to make room for the new project,says Steve Martin, Granite's managing director for Atlanta.

"As an entrepreneurial company, we're constantly looking for theright opportunities and right partners to fulfill our investmentobjectives," Martin says. "Republic's industrial developmentexperience and integrity, combined with this unsurpassed site, area perfect fit." The project is near Interstates 75, 85, 20 and 285,as well as Hartsfield Jackson International Airport.The class Acenter will have 32-foot clear height, 140-foot truck courts and anESFR fire protection system. "Today's corporate tenants are lookingfor modern, efficient industrial space to fit their distributionstrategies," says Republic Property president Jerry Daws. "Byredeveloping this site in one of the most sought-after submarketsin metro Atlanta, we feel Riverview will flourish as the US economycontinues to recover and expand."

Granite is no stranger to the area's commercial real estateturf. In June, the Texas company and locally based Pope & LandEnterprises Inc. sold their 14-story, 353,000-sf One Glenlakeoffice building in suburban Sandy Ridge to Wells Real EstateInvestment Trust for an estimated $82 million or about $232.29 persf, one of the highest per-sf prices recorded locally thisyear.