(ATLANTA) – Hines, the international real estate firm, has broken ground on Busch Logistics Park, a 97-acre industrial project spanning two buildings and nearly 732,000 square feet in Bartow County. The project is Hines’ first Atlanta-area logistics property, and the firm has selected JLL Managing Director Bob Currie and Executive Vice President Reed Davis to handle marketing and leasing efforts for the site.
Hines will simultaneously develop two speculative industrial facilities at Busch Logistics Park. Building A will span 523,541 square feet and feature cross-dock configuration and a 36-foot clear height. Building B will span 207,989 square feet and feature rear load configuration and a 32-foot clear height. Both buildings will deliver in Q3 2021.
“Busch Logistics Park will answer the growing demand for state-of-the-art distribution and warehouse space in one of the area’s most rapidly growing markets,” said Hines Senior Director of Industrial Development and Acquisitions Ryan Wood. “The combination of a state-of-the-art 524K SF cross-dock and a 208K SF rear-load building will allow us to serve tenants ranging from 75K SF to over 500K SF creating a unique offering to the market.”
Located off I-75 and Cass White Road, Busch Logistics Park is situated within Atlanta’s Northwest submarket, an area that has recently seen significant investment from large industrial users. The park is also located within 60 miles of Hartsfield-Jackson Atlanta International Airport and in close proximity to the new Inland Port in Chatsworth, Georgia. Additionally, within a 45-minute drive, Busch Logistics Park has access to a pool of more than 107,000 workers in the industrial labor force.
“Our team is thrilled to have the opportunity to partner with Hines on a project as monumental as Busch Logistics Park,” said JLL’s Davis. “This highly sought-after industrial park is an excellent option for users looking to solidify their footprint in Atlanta’s booming Northwest corridor. Since the COVID-19 outbreak, we’ve seen increased demand for high-quality logistics solutions, and we’re already generating significant interest in Busch Logistics Park from prospective tenants.”
“Busch Logistics Park presents a unique opportunity for Stonemont to leverage the investment and planning expertise we’ve garnered on similar Class A industrial projects across the country,” said Stonemont Managing Principal and CEO Zack Markwell. “We’re pleased to partner with Hines and JLL on creating a key logistics and distribution hub in NW Atlanta that will attract a wide variety of industrial users and is well-positioned for future growth and success as the e-commerce revolution continues to bloom.”
According to JLL’s Q3 Industrial Insight, well over 100 tenants are currently surveying the market, and 4.3 million square feet of new deals are expected to close before the year’s end. Despite the challenges created by the pandemic, Atlanta’s industrial supply continues to keep pace with demand, signaling another quarter of growth for the sector.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 225 cities in 25 countries. Hines has approximately $144.1 billion¹ of assets under management, including $75.5 billion for which Hines serves as investment manager, including non-real estate assets, and $68.6 billion for which Hines provides third-party property-level services. The firm has 165 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,426 properties, totaling over 472 million square feet. The firm’s current property and asset management portfolio includes 576 properties, representing over 246 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information. ¹AUM includes both the global Hines organization as well as RIA AUM.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Stonemont Financial Group
Stonemont Financial Group specializes in investing across a broad spectrum of real estate asset classes and geographies to deliver attractive risk-adjusted returns. Stonemont offers diversified and differentiated real estate investment strategies and vehicles to institutions, family offices, trusts and high net-worth individuals. The firm’s founders and managing principals have a combined track record of more than 60 years’ experience and $20 billion invested.