By Jeff Hamann
Core5 Industrial Partners has sold a newly constructed industrial asset near Atlanta to Empire Distributors, a beverage distributor. The buyer paid $36.7 million for the 601,350-square-foot built-to-suit property, according to Cobb County records.
The new owner plans to move into its new headquarters in the fourth quarter of 2018, following the completion of interior build-out work. Empire’s total investment in the structure is anticipated to be more than $52 million.
Located at 685 Hartman Road in Austell, Ga., the 70-acre property is within two miles of the Interstate 20 and Thornton Road interchange. The building is situated in a rapidly developing industrial area—over the past three years, more than 2.5 million square feet of new industrial product came online within a mile of the new development, according to data compiled from Yardi Matrix.
The structure features 80,000 square feet of office space across two stories, with the majority of the remaining area to be utilized as cooler and distribution space. The firm will employ 440 people at the site, with plans to expand to more than 510 employees in the next 10 years. Empire’s current Atlanta location, at 3755 Atlanta Industrial Parkway, consists of approximately 300,000 square feet.
Randall Paulson Architects and Southeast Engineering designed the structure, and KBDG served as the project’s general contractor. CBRE’s Blaine Kelley represented Empire in the sale.
Image courtesy of Core5 Industrial Partners