Trammell Crow Co., the development subsidiary of CBRE, has broken ground on 1.5M SF of distribution centers in North Georgia.
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Trammell Crow, in a joint venture with CBRE Investment Management, started construction on the first phase of its Jackson 85 North Business Park in Jackson County, some 60 miles north of Atlanta. The initial phase includes a 1M SF distribution center and another 538K SF warehouse on 287 acres off Interstate 85.
Both warehouses are expected to deliver in the first quarter of next year and will be leased by Wilson Hull & Neal Real Estate. The buildings started construction without any announced tenants.
TCC also plans to embark on a second phase that comprises a 713K SF cross-dock warehouse that is scheduled to break ground in the middle of 2024.
DEVELOPMENT
Branch Properties is targeting this spring to break ground on Limestone Marketplace, a 77K SF Publix-anchored shopping center, located at the intersection of Limestone Parkway and New Holland Way, 2 miles from Downtown Gainesville.
LEASES
Shady Grove Fertility leased 23,500 SF at 2500 Lake Hearn Drive, part of the Commons at Lake Hearn office campus in Central Perimeter. The fertility clinic is moving from an office along Pill Hill, a conglomerate of major medical systems in Central Perimeter.
SKCR Senior Vice Presidents Furman Wood and Scott Martin and associate Daniel Topping represented the landlord, Pavilion Partners, in the deal.
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Retail payments adviser CMSPI expanded its headquarters at 55 Allen Plaza to 10K SF, its third expansion since relocating to the 359K SF Downtown Atlanta office tower in 2018. CBRE First Vice President Paul Holmes brokered the deal for the tenant.
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PERSONNEL
Lee & Associates has promoted Cori Nuttall to principal in the Atlanta office. Nuttall joined the Atlanta office in 2021 after a stint at Lee Charleston. In 2022, she arranged more than $23M in transactions, including leasing JTEC Energy’s headquarters at Lee & White in Atlanta.
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Franklin Street has hired Managing Director John McCalla and Senior Director Mason Taylor to lead the firm’s multifamily investment sales platform out of Atlanta. McCalla and Taylor, along with associates Jake Fushimi and Andrew Dailidonis, come over from Marcus & Millichap where they arranged the sale of $674M in apartments over the past year.
SALES
Atlanta-based Crown Bay Group purchased Cameron Run, a 284-unit workforce housing complex in East Point, for $35M. The seller's identity was not disclosed in a press release, but Fulton County records indicate the previous owner was Colony Hills Capital. The property was 93% occupied at the time of the sale. The off-market deal is Crown Bay's largest investment since it was founded 10 years ago, according to a release.
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