ATLANTA—Trammell Crow Company and Allstate just snapped up another 57 acres of land in the Interstate 75 South Atlanta submarket. The site will be Phase II of King Mill Distribution Park and feature a class A industrial warehouse building.
“Atlanta is riding the economic wave lifting the nation, and growth in jobs, industrial production and other metrics are leading indicators of its future expansion,” said Mark Dishaw, senior vice president of Trammell’s Atlanta Business Unit. “The metro Atlanta industrial market in 2014 experienced the highest total net absorption in 16 years with 17.4 million square feet absorbed. As of the end of second quarter, year-to-date net absorption was nearly 9.5 million square feet. King Mill Distribution Park offers excellent product flexibility with an existing pad-ready site designed for logistics and corporate users.”
The speculative industrial building will span 759,495 square feet. With this acquisition, the venture owns 101 acres in Henry County.
“Based on our decades of experience investing in real estate, we see a recovering U.S. economy and favorable trends in Atlanta,” says Edgar Alvarado, Head of Real Estate Equity at Allstate. “The time is right to offer new Class A industrial properties in this fast-growing metropolitan area.”
The industrial building at Phase II will feature 36-foot clear building heights, ample trailer storage and employee vehicle parking, efficient ingress/egress at two separate entrances, and a design that can accommodate multiple tenants served by separate entrances. This site, which sits off Interstate 75, can be accessed from multiple interchanges, Exit 216 to the north via GA 155, and Exit 212 to the south via Billy Gardner Parkway.
“This acquisition provides the opportunity to develop a product type that is in short supply in a key strategic market with strong fundamentals and high demand,” said Mike Everly, senior managing director at CBRE Global Investors, who handled the transaction for the buyers. Bill Hare with Burke Holdings represented the seller. CBRE’s Mark Hawks and Trey Barry will be the leasing team for Phase II of King Mill Distribution Park.
“With this acquisition, King Mill Distribution Park sits at 101 acres. Phase II’s project design/layout provides the superior ability to pursue two-tenant options or, along with Phase I, allows the flexibility to create a campus or build-to-suit space for interested tenants,” Dishaw tells GlobeSt.com. “Given the limited amount of class A, first-generation space in South Atlanta, there is significant support and demand for speculative development at this time. We hope King Mill Distribution Park will capitalize on that imbalance as the site has the competitive advantage for entering the area early and serving as the premier location for tenants.”