A joint venture between Trammell Crow Co. and Diamond Realty Investments has sold a 403,648-square-foot logistics development in Newnan, Ga. The California-based Bixby Land Co. acquired the joint venture’s Innovation Business Center for an undisclosed price.
The Class A industrial property is separated into two single-story buildings. The North Building, located at 195 Innovation Way, totals 201,740 square feet, while the neighboring South Building at 185 Innovation Way is slightly larger at 201,908 square feet. Both buildings have 32-foot clear heights, 60-foot dock bays, ESFR sprinkler systems and a 185-foot truck court with 115 trailer spaces and 375 car parking spaces.
The joint venture completed Innovation Business Center in December 2020 after first announcing plans for the project in March of that year. When completed, the CBRE team responsible for the marketing and leasing efforts had already secured two tenants for the South Building. According to TCC, the property landed an additional tenant, making it 50 percent occupied with three tenants at the time of the sale to Bixby. CBRE’s Trey Barry, Frank Fallon and Chris Riley represented TCC in the sale.
Located within Shenandoah Industrial Park, Innovation Business Center is located less than 2 miles away from Interstate 85. The industrial property is also less than 30 miles away from the Hartsfield-Jackson Atlanta International Airport.
Building for an industrial future
Mark Dishaw, managing director of TCC’s Atlanta operations, said in prepared remarks that the joint venture’s strategy for Innovation Business Center was to deliver the high-quality logistics asset to the Newnan market, secure leases with quality tenants and then sell the property. Dishaw added in his prepared statement that the asset was developed with the future needs of industrial users in mind and will be able to serve the area for many years to come.
Outside of Georgia, TCC recently broke ground on two other large industrial projects on the West Coast. In June, the company started construction on a 1.1 million-square-foot industrial project in Riverside County, Calif., alongside joint venture partner Clarion Partners. Less than a month later, TCC and Washington Capital Management broke ground on the second phase of its 1.7 million-square-foot industrial park in North Las Vegas.