Trammell Crow Company Sells 400,000-SF Innovation Business Center in Newnan, Georgia
July 22, 2021
The Atlanta office of Trammell Crow Company (TCC), along with its JV partner Diamond Realty Investments, have announced the sale of Innovation Business Center in Newnan, Ga. The two-building, 403,648-square-foot Class A logistics development was sold to Bixby Land Company. Construction of the project, which is located within the Shenandoah Industrial Park, was completed in late 2020. At the time of sale, Innovation Business Center was 50% leased to three tenants.
“We are pleased to have completed our business plan for Innovation Business Center, which involved delivering a Class A logistics asset to the Newnan market, leasing it to quality users, and ultimately selling the development to a world-class investor/operator in Bixby,” said Mark Dishaw, Managing Director of TCC’s Atlanta operations. “TCC’s mission is to develop the best projects in the best submarkets while working with the best possible partners, which is exactly what we did with Innovation Business Center. The asset was developed with the future needs of industrial users in mind, allowing it to properly serve this area for many years to come.”
Innovation Business Center includes two single-story buildings; the North Building, located at 195 Innovation Way, spans 201,740 square feet, and the South Building, located at 185 Innovation Way, spans 201,908 square feet. Each building features 32-foot clear heights, 60-foot dock bays, a 185-foot truck court with 115 trailer spaces, 375 automobile parking spaces, and an ESFR fire sprinkler system.
Trey Barry, Frank Fallon and Chris Riley of CBRE represented TCC in the sale.
Trammell Crow Company
Trammell Crow Company (TCC) is a global commercial real estate developer and wholly-owned subsidiary of CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas. Founded in 1948, TCC has developed or acquired nearly 2,900 buildings valued at $75 billion and over 655 million square feet. As of September 30, 2023, TCC had $15.4 billion of projects in process and $14.5 billion in its pipeline. It employs 650 professionals in 28 major cities throughout the United States and Europe. The company serves users of and investors in office, industrial/logistics, healthcare, life sciences and mixed-use projects, as well as multi-family residential through its operating subsidiary High Street Residential. For more information visit www.TrammellCrow.com.