DEVELOPMENT UNDERWAY ON 1.7 MILLION SQUARE FEET AT PALMETTO LOGISTICS PARK IN ATLANTA
Atlanta and Dallas – CT Realty and its affiliates are in development on two large-scale distribution buildings totaling 1,747,074 square feet at Palmetto Logistics Park, a 358-acre distribution facility in greater Atlanta. The development follows the completion of the first phase of development in late 2018, a 1,054,500-square-foot building that was leased to medical device manufacturer Drive DeVilbiss Healthcare shortly after completion.
A key feature of Palmetto Logistics Park is its location next to the CSX-Fairburn Intermodal Terminal and proximity to I-85, one of two prominent north-south interstates in the region. The project is 16 miles from Hartsfield Jackson Atlanta International Airport and is a half-day truck drive to three principal Southeast seaports in Savannah and Brunswick, GA, and Charleston, S.C.
“Buildings that are strategically located near modern logistics infrastructure and major population centers are integral to meeting the demands of today’s logistics users,” said Rob Huthnance, the CT partner responsible for Midwest and East Coast development and operations. “Developing state-of-the-art buildings in these key locations is at the heart of our national strategy.”
CT and affiliate Port Logistics Realty partnered with River Oaks Capital Partners in a joint venture with PGIM Real Estate, the real estate investment business of Prudential Financial, Inc. (NYSE:PRU) on the development of Palmetto Logistics Park.
Vertical construction is underway on the second building at the project, a 1,041,600-square-foot building that is slated for completion Q1 2020. In addition, preliminary site work has begun on building three, a 705,474-square-foot building that will be delivered in Q2 2020.
“Early tenant acceptance for this project was evident in the quick lease up on the first building soon after completion,” added Eben Hardie of River Oaks Capital Partners, CT’s partner in Atlanta. “We see tenant demand remaining strong as we complete these next two buildings.”
Ben Logue and Price Weaver of Colliers International represent the project.
CT Realty is engaged in a strategic expansion to meet the significant global demand from e-commerce and logistics companies for large-scale, Class A industrial buildings in nine Tier 1 markets in the U.S. CT recently announced the development of 882,000 square feet in Fort Worth, Texas, and is under construction on logistics centers in Northern California, Illinois, Indiana and New Jersey. The company has another 20 million square feet of industrial space in its development pipeline.