Black Creek Group has acquired Palmetto Logistics Park – Building One, a 1 million-square-foot industrial property located in Fairburn, Ga.
The distribution facility is fully leased to Drive DeVilbiss Healthcare and sits within the master-planned Palmetto Logistics Park.
According to CommercialEdge, PGIM Real Estate was the property’s previous owner. A team of Cushman & Wakefield brokers represented the seller in the transaction.
Palmetto Logistics Park is a 340-acre development set to eventually comprise roughly 4 million square feet of industrial space along Roosevelt Highway.
Completed in 2018, Building One is situated at 500 Palmetto Logistics Parkway. The facility is expandable to 1.3 million square feet and features tilt-wall construction, 36-foot clear heights, cross-dock loading and ESFR sprinklers.
The Class A development is situated within 2 miles from a CSX intermodal terminal in Fairburn, 16 miles from Heartfield Jackson International Airport and within immediate reach of several Interstate 85 interchanges.
CT Realty and its affiliate Port Logistics Realty have teamed up with River Oaks Capital Partners and PGIM Real Estate to acquire 213 acres for Palmetto Logistics Park in 2017, according to an announcement made by CT Realty. The joint venture also gained control over an additional 147 acres for two subsequent phases of development.
Following the acquisition, Black Creek Group’s holdings in the Atlanta market total approximately 6 million square feet. In recent months, the Denver-based company has been expanding its industrial footprint. In March, Black Creek announced plans to develop 1.7 million square feet in the Inland Empire, while in February the developer broke ground on a facility in the Bay Area and purchased 165 acres for an upcoming 2 million-square-foot industrial park in the Dallas area.
As of February, asking rents for industrial space in Atlanta have increased by 3.4 percent year-over-year, the latest CommercialEdge report shows. However, demand is growing at a fast pace and is set to exceed supply, despite the 24.1 million square feet underway as of the first quarter, a recent JLL report indicates. The metro’s industrial market experienced a record-breaking first quarter, with 8.3 million square feet of absorption, according to JLL.
Palmetto Logistics Center – Building One. Photo courtesy of Cushman & Wakefield.