Less than two months after spending $43 million on a Phoenix distribution asset, KKR has acquired a 1 million-square-foot warehouse located within The Cubes at Bridgeport industrial park in Newnan, Ga. The facility was sold and developed by CRG, in partnership with U.S Logistics Fund 1 and Pope & Land, with Clayco as general contractor and a subsidiary Lamar Johnson Collaborative as project architect. A team from JLL brokered the transaction.
Located at 280 Bridgeport Blvd., the asset is adjacent to Interstate 85 at exit 41, a little over 30 miles from Hartsfield-Jackson Atlanta International Airport and some 40 miles from downtown Atlanta. At the beginning of the year, Amazon announced it will be leasing the space. The fulfillment center created an additional 500 full-time jobs.
Developed on a speculative basis, the property includes 40-foot clear height, 620-feet deep cross-loaded, 50-feet by 57-feet column spacing and 60-foot speed bays. The outer shell of the facility was completed last November.
The warehouse is the first completed project on the 500-acre mega site of The Cubes at Bridgeport industrial park, which features up to 8.5 million square feet of potential industrial space. The park also includes a 562,650-square-foot building on an adjacent 35.6-acre site and is expected to break ground by the end of the year, with completion set for the second quarter of 2021.