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 Central 840 Logistics Center -- a 925,680-square-foot cross dock facility expandable up to 1.4 million square feet.
ATLANTA, January 12, 2021 – Core5 Industrial Partners, a new-to-Nashville developer and owner of industrial properties, has started construction on a 925,860-square foot cross dock building located along I-840 in Lebanon, just minutes from I-40. The building, Central 840 Logistics Center, is expandable to approximately 1.4 million square feet and offers generous parking for up to 3,018 auto spaces and 212 trailer storage locations. The building will be available Fall 2021. This logistics center is conveniently located just off Central Pike (Highway 109) making this the ideal location for access to on all major interstates in Nashville with access for local, regional, and national distribution.
The land acquisition marks Core5’s entry into the Nashville market. Core5 CEO Tim Gunter announces, “We are pleased to enter the Nashville market in what we believe is one of the finest development sites within the greater Nashville Industrial Market”. Tim Gunter, the former CEO of IDI, has overseen years of successful development in Nashville, and looks forward to continuing that success with the development of Central 840 Logistics Center.
“After an extensive review of potential development sites, it was clear that the location of Central 840 Logistics Center offered superior access not only to highway and logistics infrastructure but also to a large, qualified labor pool from which to attract the workforce. The two key factors considered by logistics operators is immediate access to transportation infrastructure and access to a qualified labor pool – Central 840 Logistics Center offers superior access to both,” said Lisa Ward, Senior Vice President and Managing Director of Core5.
“We are excited that Core5 Industrial Partners will be locating in Lebanon at Central Pike and SR 840 and we welcome them to our community,” Lebanon Mayor Rick Bell said. “Core5’s experience and commitment to a new Class-A building at this location will be a major investment in the city of Lebanon.”
Proventure’s Jeb Atkinson, Jess Anderson and Doug McDowell, who represented Core5 in purchasing the 89 acres the new building sits on, will represent Core5’s leasing efforts for the building. “This project checks all the boxes in site selection – location, infrastructure, labor, incentives and the latest in distribution space design,” states Atkinson.
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.
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