Stonemont Financial Group, a private real estate investment firm specializing in industrial development, acquisitions and net lease investments, announced today that it has closed on an infill 113 acre site in Locust Grove, GA with plans to develop a 903,200-square-foot, Class-A industrial park. The development will break ground in Q1 2023, with an expected completion of Q1 2024.
Called Stonemont Park 75 South, the development will include three rear-load speculative warehouses ranging in sizes from 124,800 square feet to 538,720 square feet. The buildings will be designed to fit modern standards within bulk distribution, offering shallow bay specifications with clear heights varying from 32 feet to 40 feet, 316 trailer parking stalls and 612 car parking stalls. The project will be built with the goal of filling a void in the submarket for Class-A product that offers flexibility in leasing size.
“Our proven strategy of seeking out quality infill sites in primary markets with high barriers to entry and solid fundamentals has served us well. We greatly appreciate the partnership with Henry County and Locust Grove over the past year and a half to turn this concept into reality,” said Stonemont Principal Neal Moskowitz. “Its superior access to I-75 and proximity to a strong labor force positions it to serve top-tier tenants well. We are pleased to expand our footprint within our own backyard of Atlanta with this state-of-the-art industrial park, which will help raise the standard for new product within the submarket.”
Stonemont Park 75 South will sit on Highway 42 within the dynamic I-75 South submarket of Atlanta with over 2,000 linear feet of frontage along I-75. The region is centered on 1-75 and I-675, serving as a key connecting point between major transportation hubs in Georgia including the Port of Savannah and Hartsfield-Jackson International Airport. I-75 South boasted a historically low vacancy rate of 3.5% in Q2 2022 and led Atlanta in preleasing activity in the same quarter. Over 2.6 million square feet of speculative development is expected to deliver by the end of the year, with 55% already preleased.
Ware Malcomb will serve as architect on the project, with Eberly and Associates serving as civil engineer, Alston Construction as general contractor and Wilson Hull & Neal as the leasing agent.
Stonemont remains active in Metro Atlanta with over 1.5 million square feet of development currently under construction around the region. Earlier this year, the firm announced a 236,000-square-foot industrial park in Chamblee, Georgia; a 234,133-square-foot industrial facility in Braselton, Georgia; and an 18-acre, three-building industrial complex in Kennesaw, Georgia, which represented one of the last infill industrial sites in the I-75 North submarket.
Sources: ReBusiness Online
American Journal of Transportation (AJOT)