Real Estate News: CT’s project in Atlanta grows
Newport Beach-based CT Realty and its affiliates have completed the first phase of development at Palmetto Logistics Park in Atlanta and have closed a 1,054,500-square-foot lease to Drive DeVilbiss Healthcare, which plans to take occupancy by the end of the year.
Terms of the lease were not disclosed.
CT and affiliate Port Logistics Realty partnered with River Oaks Capital Partners in a joint venture with Prudential Global Investment Managers to acquire a 213-acre parcel for Palmetto Logistics Park in 2017. The venture owns the underlying land for the second phase of the project, a 1,041,600-square-foot distribution facility that will launch development in January and should be finished by late 2019.
Drive DeVilbiss Healthcare was represented by Jason Goldman and Bob Robers of Cushman & Wakefield, while the joint venture was represented by Ben Logue and Price Weaver of Colliers International.
CT Realty in a statement said it is launching these huge warehouse projects to meet the global demand from e-commerce and logistics companies for large scale, Class A industrial buildings in nine key markets in the U.S.
Among other recent developments, CT recently wrapped up work on a 1.7 million-square-foot, three-building first phase of NorCal Logistics Center where it leased to Amazon 1.1 million square feet and sold two buildings to Prologis. CT also completed a 16-building development program in multiple projects in Southern California’s Inland Empire with PGIM in 2018.