Georgia Power Drops Nearly $100M On Industrial Building: This Week's Atlanta Deal Sheet
Georgia Power just delivered a bolt of energy to Atlanta's industrial sales market.
The utility company purchased River Park 10, an 825K SF warehouse in Jackson, roughly 40 miles south of Downtown Atlanta, for $88.1M from the development team of Waterloo Partners and ICM Property Group, according to Butts County property records.
Thornton Kennedy, a spokesperson for the sellers, said the actual sale price was $94.75M. ICM Managing Director Spencer Patton identified the buyer as an “owner-user who intends to occupy the entire building” in a press release.
River Park 10 is part of the 1,100-acre River Park industrial development that is slated to include more than 21M SF of industrial and commercial space across 16 buildings. Waterloo and ICM developed River Park 10 in 2024, backed by a $40M loan provided by Trustmark National Bank in 2023, according to county documents.
Six of the 16 sites have already delivered, and the park is leased to tenants like Procter & Gamble, Travelpro, GreenBox, Yusen Logistics and Amazon Web Services, according to the press release.
Colliers’ Sean Boswell and Harrison Marsteller brokered the deal. Georgia Power didn't respond to requests for comment. Its plans for the facility remain unclear.
The nearly $95M price tag is the largest for a warehouse in Metro Atlanta so far this year, according to Avison Young, citing data from CoStar. The clubhouse leader had been the $75M sale of the former Naturally Fresh dressing factory at 1000 Naturally Fresh Blvd. in College Park to salad-dressing maker T. Marzetti Co.
SALES
Atlanta-based Stonemont Financial Group and Harrison Street Asset Management have acquired 6613 Hickory Flat Highway, a 25K SF medical office building in Canton, from Aylo Health.
The joint venture paid $14.5M for the two-story property, county records show. Aylo will lease back its space, which it shares with Northside Hospital, according to a press release.
DEVELOPMENT
Fitness and lifestyle chain Life Time has opened a three-story, 79K SF facility at Concourse Corporate Center in Central Perimeter, converting the former Concourse Athletic Club.
It is the company’s ninth Metro Atlanta location. Amenities include eight outdoor pickleball courts, five tennis courts, lap and leisure pools, four boutique studios for barre, yoga and Pilates, cold therapy chairs, water massage, a coworking club, a daycare center and a café.
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Charlotte-based Northwood Ravin plans to develop Halo, a 370-unit luxury apartment complex across from the Avondale MARTA Station in East Decatur, marking one of its first Georgia projects.
The full development is slated to deliver in January 2027. Oakhurst Realty Partners’ Eric Carlton is leasing the retail space, with Galore Market already signed on.
Planned amenities include a rooftop pool, 3K SF fitness center, gaming lawn, outdoor movie projector, fire pit, hidden bar, sports bar, golf simulator, pet spa, coffee shop and coworking facility.
PERSONNEL
Isabel Eiler has joined JLL’s capital markets group as a director, specializing in government-leased investment sales. She was previously with Bull Realty and is a graduate of the University of Tennessee’s Haslam College of Business.
FINANCING
Cadence Bank has provided an undisclosed senior loan to Milepost Development for Drew Valley Townhomes, a 43-unit, luxury, for-sale project off Drew Valley Road in Brookhaven. Toccoa Capital Management supplied equity, and Atlanta-based Patterson Real Estate Advisory Group arranged the financing.
