ATLANTA, GA – Trammell Crow Company and its partner Allstate, through real estate investment advisor CBRE Global Investors, have acquired an additional 56.76 acres in the I-75 South Atlanta submarket. The site will be Phase II of King Mill Distribution Park and feature a Class A industrial warehouse building comprised of 759,495 square feet built on a speculative or build-to-suit basis. With this acquisition, the venture owns 101 acres in Henry County.
“Atlanta is riding the economic wave lifting the nation, and growth in jobs, industrial production and other metrics are leading indicators of its future expansion,” said Mark Dishaw, Senior Vice President of Trammell Crow Company’s Atlanta Business Unit. “The metro Atlanta industrial market in 2014 experienced the highest total net absorption in 16 years with 17.4 million square feet absorbed. As of the end of second quarter, year-to-date net absorption was nearly 9.5 million square feet. King Mill Distribution Park offers excellent product flexibility with an existing pad-ready site designed for logistics and corporate users.”
The building at Phase II will feature 36-foot clear building heights, ample trailer storage and employee vehicle parking, efficient ingress/egress at two separate entrances, and a flexible design that can accommodate multiple tenants served by separate entrances. This site, situated off of I-75, can be accessed from multiple interchanges, Exit 216 to the north via GA 155, and Exit 212 to the south via Billy Gardner Parkway.
“Based on our decades of experience investing in real estate, we see a recovering U.S. economy and favorable trends in Atlanta,” said Edgar Alvarado, Head of Real Estate Equity at Allstate. “The time is right to offer new Class A industrial properties in this fast-growing metropolitan area.”
“This acquisition provides the opportunity to develop a product type that is in short supply in a key strategic market with strong fundamentals and high demand,” said Mike Everly, Senior Managing Director at CBRE Global Investors. “We are pleased to help Allstate expand their investment in this sector in Atlanta with such a strong development partner as Trammell Crow Company.”
Bill Hare with Burke Holdings represented the seller and CBRE’s Mark Hawks and Trey Barry will be the leasing team for Phase II of King Mill Distribution Park.
The Allstate Corporation (NYSE: ALL) is the nation’s largest publicly held personal lines insurer, protecting approximately 16 million households from life’s uncertainties. Allstate’s real estate investments group has decades of experience and looks for core and value-add opportunities across geographies in the United States and internationally, and in a range of investment vehicles, such as funds, co-investments and joint ventures. Allstate’s real estate investments include retail, multi-family, office and industrial properties.
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $88.4 billion in assets under management* as of June 30, 2015. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has more than 52,000 employees in more than 370 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors' presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.
About Trammell Crow Company
Trammell Crow Company (TCC), founded in 1948, is one of the nation’s leading developers and investors in commercial real estate. The Company has developed or acquired nearly 2,600 buildings valued at nearly $60 billion and over 540 million square feet. As of June 30, 2015, TCC had $6.0 billion of projects in process and $3.7 billion in its pipeline.
Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 16 major cities throughout the United States. The company serves users of and investors in office, industrial, retail, healthcare, multi-family residential and mixed use projects. For those who occupy real estate, TCC can execute the development or acquisition of facilities tailored to meet its clients’ needs. For investor clients, the company specializes in joint venture speculative development, acquisition/re-development ventures, build-to-suit development, or providing incentive-based fee development services.
TCC is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, and the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). For more information visit www.TrammellCrow.com.