Trammell Crow Company and its partner Allstate, through real estate investment manager CBRE Global Investors, announce the sale of Phase I of King Mill Distribution Park in Atlanta, GA to American Realty Advisors. The 44-acre site, which sits in the I-75 South Atlanta submarket, features an 846,496-square-foot Class A speculative industrial building. The building is fully leased to Wayfair, a Boston-based e-commerce retailer specializing in home furnishings and décor.
“Along with our partners, we are pleased to celebrate the sale of the first phase of King Mill Distribution Park,” said Mark Dishaw, Principal in TCC’s Atlanta Business Unit. “We are pleased to have delivered this state-of-the art facility, which houses one of the country’s premier e-commerce retailers. Wayfair has brought more than 150 jobs in logistics and fulfillment to the area and we are pleased to have been part of this growth in Henry County.”
The building features 36-foot clear building heights, ample trailer storage and employee vehicle parking, efficient ingress/egress at two separate entrances, and a flexible design that can accommodate multiple tenants served by separate entrances.
“We’re thrilled to continue working with Trammell Crow Company through CBRE Global Investors on such a successful project,” said Mike Moran, Managing Director of Real Estate Equity at Allstate. “We believe building new industrial product in strong markets will position Allstate for attractive returns while also helping local communities thrive.”
King Mill Distribution Park offers excellent product flexibility with an existing pad-ready site designed for logistics and corporate users. The site is well-positioned in the Henry County segment of the I-75 South industrial submarket with easy access to I-75, the full Georgia State Route 155 Interchange, as well as access south on I-75 via Billy Gardner Parkway.
”Successful collaboration with Trammell Crow Company and CBRE on Phase I of the King Mill project enabled us to deliver a compelling outcome for our client, Allstate, including acceleration of the development of Phase II,” said Mike Everly, Portfolio Manager, CBRE Global Investors - Americas.
CBRE Atlanta’s Frank Fallon and Chris Riley represented the seller in the transaction.
About Allstate
The Allstate Corporation(NYSE: ALL) is the nation’s largest publicly held personal lines insurer, protecting approximately 16 million households from life’s uncertainties. Allstate’s real estate investments group has decades of experience and looks for core and value-add opportunities across geographies in the United States and internationally, and in a range of investment vehicles, such as funds, co-investments and joint ventures. Allstate’s real estate investments include retail, multi-family, office and industrial properties. For more information on the company’s investments focus, visit www.allstateinvestments. com.
About Trammell Crow Company
Trammell Crow Company (TCC), founded in 1948, is one of the nation’s leading developers and investors in commercial real estate. The Company has developed or acquired more than 2,600 buildings valued at more than $60 billion and over 565 million square feet. As of December 31, 2016, TCC had $6.7 billion of projects in process and $4.1 billion in its pipeline.
Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 16 major cities throughout the United States. The company serves users of and investors in office, industrial, retail, healthcare, multi-family residential, through its operating subsidiary High Street Residential and mixed use projects. For those who occupy real estate, TCC can execute the development or acquisition of facilities tailored to meet its clients’ needs. For investor clients, the company specializes in joint venture speculative development, acquisition/re-development ventures, build-to-suit development or providing incentive-based fee development services.
TCC is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, and the world’s largest commercial real estate services and investment firm (in terms of 2016 revenue). For more information, visit www.TrammellCrow.com.
