Development Underway on 1.7 Million Square Feet at Palmetto Logistics Park in Atlanta
10 May 2019 - 10:00PM
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.
About CT Since its establishment 25 years ago,
CT Realty has completed over 300 transactions valued at more than
$4.7 billion. CT is primarily focused on the investment of Class A
industrial logistics developments throughout the U.S., having
acquired 2,400 acres of industrial land since 2010 that will
support 32 million square feet of logistics buildings upon
completion. CT, with offices in Dallas and Newport Beach, Calif.,
has active developments in Northern and Southern California,
Dallas/Ft. Worth, Atlanta, Illinois, Indianapolis and New Jersey,
and continues to expand into new markets nationwide.
www.ctrinvestors.com
Nicole Deermount | 714-263-8746nicoled@ideahall.com Randy
Hall | 714-263-8723 randy@ideahall.com
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/72d36ed2-f0fd-4624-9ad2-4da8fa66276f
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