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Atlanta's crowded, active industrial market is getting another new entrant.
Boston-based Plymouth Industrial REIT has established a Metro Atlanta office and has started construction on two new warehouses in Georgia, Plymouth CEO Jeff Witherell said on his firm's Nov. 3 earnings call.
Witherell didn't detail the size of the office or its location. Plymouth’s website doesn't list an Atlanta regional office address. Atlanta would be its fourth regional office, along with Columbus, Ohio; Jacksonville, Florida; and Memphis, Tennessee.
“This one in Atlanta was a big move for us. We’re close to 70% internal property management, and we can talk all day about the benefits of that,” Witherell said in response to the possibility of opening a fifth regional office.
Plymouth owns and operates 14 warehouses in Georgia, according to its financial statements, and it is adding to that portfolio. The REIT is under construction on a two-building warehouse project dubbed New Calhoun I and II, which cost a combined $26.7M and are expected to deliver before the end of 2022, Witherell said.
The 180K SF New Calhoun II building is 100% leased, while the 237K SF New Calhoun I has "multiple prospects," according to Plymouth's Securities and Exchange Commission filings. Both buildings were launched on a speculative basis, the Rome News-Tribune reported.
So far in 2022, Plymouth has inked 1.5M SF in renewals and another 1.1M SF in new deals throughout its 33.7M SF portfolio, which was 98.8% leased at the end of the third quarter, according to its earnings statement.
“There are several leasing prospects for our remaining Atlanta, Cincinnati and Maine development projects that we are actively working and nearing lease execution,” Plymouth Senior Vice President Jim Connolly said on the earnings call.
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