CT REALTY ACQUIRES ATLANTA ACREAGE FOR MAJOR LOGISTICS PARK DEVELOPMENT
213-ACRE PURCHASE EXTENDS NATIONAL INDUSTRIAL INVESTMENT CAMPAIGN BY WEST COAST DEVELOPER
CT Realty continues to expand its nationwide industrial investment and development platform with the acquisition of 213 acres of industrially zoned land in Atlanta, GA. CT Realty, through its affiliate Port Logistics Realty, acquired the parcel, along with an option on an adjacent 145 acres, and is developing Palmetto Logistics Park, a three-building, 3.5 million-square-foot industrial project.
Palmetto Logistics Park will be built in three phases, with buildings ranging in size from 1 million square feet to 1.5 million square feet. A key feature of the project is its location across from a CSX intermodal facility and proximity to I-85.
“This is such an uncommon opportunity to acquire what is essentially an infill parcel for a significant logistics park,” said James “Watty” Watson, managing partner of CT Realty. “There simply isn’t a site this large and this close to Atlanta that can support the scale of logistics development we have planned.”
CT Realty, Port Logistics Realty and its affiliates are 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 Tier 1 markets in the U.S. Port Logistics Realty, based in Dallas, TX, is a partnership between CT Realty and Xebec Realty, both established Southern California development firms with a long track record in the industrial sector.
CT Realty and its affiliates are currently under construction on over 8 million square feet of industrial buildings, including the 3.8 million-square-foot first phase of Southport Logistics Park in Dallas, TX. That project, located next to a Union Pacific intermodal rail yard, will comprise 9 million square feet of industrial buildings upon completion.
CT Realty and its affiliates, including Port Logistics Realty, have assembled a national footprint by acquiring large land holdings sufficient to construct another 15 million square feet of bulk distribution facilities. Many of these projects are clustered around international infrastructure, including intermodal rail facilities, inland ports and sea ports.
“The demand for large, new Class A industrial buildings in Tier 1 markets is staggering,” added Watson. “By amassing a nationwide portfolio of land ideally suited for large scale logistics users, we can tap into and meet that demand head on and with a variety of choices.”
The land for Palmetto Logistics Park was acquired in a joint venture with Prudential Global Investment Management, one of the world’s largest industrial real estate investors and an established partner with CT Realty on multiple West Coast projects. The venture also includes Atlanta developer River Oaks Capital Partners, a partnership between longtime Atlanta industrial developers Eben Hardy and Klay Simpson. Fifth Third Bank will provide construction financing for the first phase building of Palmetto Logistics Park.
Palmetto Logistics Park is represented by Ben Logue and Price Weaver in the Atlanta office of Colliers International.