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Trammell Crow is adding to Metro Atlanta's industrial stock, this time partnering with a firm that has more than $100B in assets under management.
Trammell Crow, along with a fund affiliated with CBRE Global Investors, purchased 287 acres off Interstate 85 in Jackson County, some 60 miles north of Atlanta, for an undisclosed sum. The developer is planning to break ground on a 2.25M SF logistics center known as Jackson 85 Business Park.
Trammell Crow intends to develop the project in two phases: Phase 1 will involve a more than 1M SF and a 538K SF distribution center, according to a Trammell Crow press release. The second phase is expected to include a 713K SF distribution facility as well. The project is scheduled for completion in 2022.
“Demand for high-end logistics space continues to grow in the Atlanta suburbs, especially in the dynamic northeast submarket where Jackson 85 will be located,” Trammell Crow Managing Director Mark DiShaw said in the release.
Atlanta is experiencing one of its strongest industrial absorption years ever so far. Through the first half of the year, companies leased 18.6M SF more than they emptied, according to a JLL report. Since the third quarter of 2019, Atlanta landlords tallied an average of 12.2M SF of deals per quarter, according to JLL. Despite developers unloading an expected 27.1M SF in new spec development by year's end, JLL research officials said in the report that the vacancy rate has dropped to record-low levels at 5%.
Beyond the new Jackson 85 park, Trammell Crow is also working on Jefferson Mill Business Park and Innovation Business Center in Newnan in an attempt to capitalize on the increased demand, DiShaw said.
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