A Southern California investor has acquired a package of three newly constructed net-leased industrial buildings in the Sun Belt, two of which are leased to online retail giant Amazon.
Preylock Holdings of Los Angeles paid $166.7 million, or nearly $76 per square foot, for the 2.2 million-square-foot portfolio. The portfolio includes Crossroads Business Center, a 1 million-square-foot distribution center at 5705 Campbellton Fairburn Road in Union City, Georgia, near Atlanta.
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Construction Slated to Begin Immediately on the initial two buildings of the new business park, Desoto 55 Logistics Center, which will include a 583,000 SF cross-dock facility expandable up to 1.5MSF and a 301,000 SF rear-load building, both of which will deliver in Fall 2017.
ATLANTA, March 22, 2017 – Atlanta-based Core5 Industrial Partners announced the acquisition of 173-acre fully of entitled land located at US Highway 51, in DeSoto County along the I-55/I-69 corridor to develop a 2.5 MSF business and logistics park named Desoto 55 Logistics Center. Core5 will immediately begin construction on 883,720 square feet of Class-A office/warehouse space in two buildings: a 582,400-square-foot facility which is expandable to 1.5 MSF and a 301,320-square-foot rear-load building, which will offer higher office build-out capability. Both buildings will offer speculative space for delivery in Fall 2017. DeSoto 55 Logistics Center will provide an outstanding business environment in a park-like setting with close proximity to the I-55 transportation corridor and a deep and qualified labor pool from which to draw potential workforce. Other key attributes of DeSoto 55 Logistics Center are the pro-business environment of both DeSoto County and the City of Horn Lake, MS coupled with the flexibility of building designs offering space for companies desiring 85,000 SF to over 1.5MSF. At full build-out, anticipated by the end of 2019, DeSoto 55 Logistic Center will accommodate over 2.5 MSF in up to five separate buildings.
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