CBRE to Lease 492K SF Warehouse in Northeast Atlanta
Tuesday, September 1st 2015
ATLANTA, GA – CBRE Group, Inc., has been selected by Panattoni Development Company, Inc. as the exclusive leasing agent for a large bulk warehouse development in the Northeast Atlanta submarket.
Panattoni purchased approximately 60 acres to develop a +/- 492,000-sq.-ft. cross-dock bulk warehouse building. It will serve as part of Phase II to the existing Buford Logistics Center. The building will feature 36’ clear height, LED and T-5 lights, abundant trailer storage, and a 7” slab. The project is strategically located with excellent access to Interstates 985, 85 and 285; only 50 miles from Atlanta’s Hartsfield-Jackson International and less than 300 miles from the Port of Savannah, the nation’s leading port in TEU (twenty-foot equivalent unit) growth.
The CBRE Atlanta industrial team of Trey Barry, Mark Hawks, Todd Barton and Greg Haynes will market and lease the building. Dayne Pryor, Local Partner for Panattoni, stated, “We are excited to have the CBRE team market and lease this new speculative facility. They were very successful in fully leasing our adjacent 414,960 SF Buford Logistics Center Phase I building in a deal where the tenant was represented by Jim Bob Taylor of Cresa Atlanta.”
Atlanta has solidified its place in the industrial market as a national leader. A recent CBRE Research report finds that Atlanta is one of two leading U.S. markets, with 18.1 million square feet of industrial space under construction. As Atlanta establishes itself as the Southeast’s distribution hub, larger and more established companies look to either expand their footprint in the area or relocate to Atlanta.
The Northeast Atlanta submarket in particular has seen a decrease in vacancy, from 2014’s 9.2% to the current 7.3%. Overall market activity is on the rise, with 1,230,000 sq. ft of absorption in the second quarter of 2015.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
About Panattoni Development Company, Inc.
Panattoni Development Company, Inc. is a privately held, full-service development company founded in 1986. The firm has completed in excess of 200 million square feet of commercial projects worldwide. Panattoni has developed industrial, office and flex facilities in 278 cities located in 29 states and nine countries. The firm is headquartered in Newport Beach, California and maintains offices throughout the United States, Canada and Europe.