44-Acre Site To Be Transformed Into 846,496 SF Class A, Spec Industrial BuildingATLANTA, GA - Trammell Crow Company and its partner Allstate, through CBRE Global Investors, an investment advisor, have acquired a 44-acre land site in the I-75 South Atlanta submarket. Development plans include the construction of King Mill Distribution Park, an 846,496-square-foot Class A speculative industrial building. Construction is expected to begin in early second quarter 2015 and be complete by the end of the year.
“I-75 is the robust interstate that connects Henry County to the larger Atlanta Metro area to the north and also serves as a gateway for distribution to the dynamic and expanding Florida population centers and the Port of Savannah to the south,” said Mark Dishaw
, Senior Vice President of Trammell Crow Company’s Atlanta Business Unit
. “Due to its location, this area has proven to be one of the best logistical locations for distributors in the Southeastern US, and is home to many major corporations – Home Depot, Georgia Pacific, Whirlpool, Toys R Us, Kimberly Clark and CEVA Logistics, to name a few.”
“Given where we are in the real estate cycle and overall economic recovery, we believe building new industrial product in strong markets positions Allstate well to achieve attractive returns,” said Edgar Alvarado, Head of Real Estate Equity at Allstate.
King Mill Distribution Park offers excellent product flexibility with an existing pad-ready site designed for logistics and corporate users. The building 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. The site is well positioned in the Henry County segment of the I-75 South industrial submarket with easy access to I-75, the full GA 155 Interchange as well as access south on I-75 via Billy Gardner Parkway.
“We are thrilled to partner with a strong national developer like Trammell Crow Company,” said Jeff Torto and Mike Everly of CBRE Global Investors, co-portfolio managers for the Allstate separate account. “With the King Mill Distribution Park, we are able to participate in the development of a state-of-the-art distribution product in the robust Atlanta market that has strong growth prospects and limited competitive supply.”
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 $90.6 billion in assets under management* as of December 31, 2014. 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, 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 December 31, 2014, Trammell Crow Company had $5.5 billion of projects in process and $4.0 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.
Trammell Crow Company 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.