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.
(more…) Read More
I-269 Logistics Center Building D Set to Immediately Break Ground on a 70-Acre Site
ATLANTA, MARCH 22, 2021 – Atlanta-based Core5 Industrial Partners announced the acquisition of 221 acres of fully entitled land located at Highway 302 and I-269 in Marshall County to develop I-269 Logistics Center, a five building industrial park totaling 3 million square feet. Core5 will immediately break ground on the development of I-269 Industrial Park Building D, a 957,400-square-foot state-of-the-art cross dock facility which is expandable to 1.74 million square feet. Delivery of the building is scheduled for the first quarter 2022. I-269 Logistics Center will provide an outstanding business environment in a park-like setting with access to a deep and talented labor pool from which to draw potential workforce.
The proposed building will be constructed to meet state-of-the-art standards, featuring 40-foot clear ceiling height and a six inch Ductilcrete slab. The building will accommodate trailer parking for over 391 trailers and 597 auto parking spaces. The site is in pro-business Marshall County and offers significant real and personal property tax exemptions for up to 10 years based on job creation and investment.
“Located at Highway 302 and I-269, the property provides outstanding highway visibility and access coupled with easy proximity to the Memphis rail line which is the third most-connected rail center in the world. Memphis is one of only three cities to have five Class I railroads – Norfolk Southern, BNSF, CN, Union Pacific, and CSX. This will be an ideal facility for e-commerce fulfillment,” states Lisa Ward, Senior Vice President and Managing Director for Core5.
“We are delighted that Core5 Industrial Partners has chosen to invest in Marshall County,” states Justin Hall, Executive Director with Marshall County Industrial Development Authority. “With our location and access to a qualified workforce, we know that I-269 Logistics Center will be a property in high demand. We look forward to working with the Core5 team to help recruit more great jobs in our community,” Mr. Hall added.
“The State of Mississippi, Marshall County and the City of Byhalia have created a pro-business environment that is both responsive and easy for prospective tenants seeking to do business in the area,” declares Rodney Davidson, Vice President Investments for Core5.
About Core5 Industrial Partners
Core5 Industrial Partners is an industrial real estate property company with expertise in development of Class-A properties featuring the latest innovations throughout the United States. Headquartered in Atlanta, Georgia, Core5 has development activity in Atlanta, Chicago, Cincinnati/Northern Kentucky, Columbus, Dallas, Houston, Indianapolis, Los Angeles/Inland Empire, Louisville, Memphis, Nashville, Pennsylvania and South New Jersey with expansion plans to additional key logistic hubs in the US. Founded in 2015, the company has developed or begun construction on 26 million square feet since inception.
Immediate access to capital, coupled with the ability to financially support deals on their balance sheet without utilizing third party resources on most transactions, Core5 executes quickly without layers of bureaucratic, time-consuming processes. The company is privately held by 170-year-old Japanese-based Kajima Corp – one of the world’s largest A credit-rated construction companies with whom C5 leadership has sustained a 30+ year working relationship.
Named for its five core principles, the company values are centered around a highly flexible entrepreneurial spirit promising follow through on commitments with an emphasis on relationships, excellence in quality, attention to detail and quick decision making.
For more information on Core5 Industrial Partners, visit www.c5ip.com.
Read More« Previous1234…22Next »