Out-Of-State Developer Plans Spec Industrial Park on 44 Acres in Buford, Ga.
An out-of-state developer plans to build a three-building, 615,572-square-foot industrial park on 44.32 acres of land in Buford, Ga.
McCraney Property Co. acquired the site at Georgia State Route 13 and Lanier Islands Parkway from Northeast Georgia Health System Inc. The $4.3 million deal closed and was funded March 27, a spokeswoman said.
McCraney Property Company plans a project called “985 Lanier Logistics” comprised of three Class A industrial buildings:
- Building 100 – 209, 252 square feet
- Building 200 – 167,080 square feet
- Building 300 – 236,240 square feet
The site has easy access to interstates 985 and 85, the developer said. Buford is located in Gwinnett and Hall counties.
“Based on market drivers such as e-commerce, last mile delivery and infill development, I believe that the industrial market is poised for 20 years of outsized growth,” Steven McCraney, president & CEO of McCraney Property Co., said in a statement. “This momentum is due in part to technological advances in warehouse operations, the continued boom of e-commerce, and the advancements of autonomous vehicles, all aimed at getting product to consumers quicker. Combined with statistics that paint the picture of healthy operational fundamentals in the industrial market – vacancy remains steady at lowest levels since first quarter 2001, and net absorption has experienced 31 consecutive quarters of positive demand as of quarter four 2017 – the future of industrial is now.”
Groundbreaking is slated for mid-April.
The developer is targeting “quality end-users requiring freight forwarding, third-party logistics (3PL), and fulfillment needs while also seeking a location that evokes a sense of community” for the park, it said.
Tenant spaces can range from 25,000 to 236,000 square feet. The buildings will feature 30 to 32-foot clear height, 38 to 42 dock high doors, and a total of 160 tractor-trailer stalls.
McCraney Property Co. now has 6,669,817 square feet of speculative industrial projects under some form of development in Georgia, Florida, South Carolina, and North Carolina.
“Record absorption, historically low vacancy rates and rising sales activity in the Atlanta industrial market is creating unprecedented industrial demand,” McCraney said. “For several years, I’ve had my eye looking due north to untapped markets in Atlanta, Savannah, and Charlotte scouting new areas for ‘hubs’ and ‘spokes’ throughout the Southeast. Our recent acquisition history in the Southeast is a reflection of that due diligence, and now we can actively develop ahead of – and to the needs of – today’s market, proceeding as a leading contributor of speculative industrial product to a growing sector.”
Bilijack Bell, partner with Wilson, Hull & Neal, represented McCraney Property Co. in the transaction. Frank Simpson, founder and president of The Simpson Company of Georgia Inc., represented the seller, Northeast Georgia Health System Inc.
McCraney Property Co. is a regional real estate investment firm focused on acquisition, development, and management of industrial properties in the major markets of Florida, Georgia and the Carolinas. It is headquartered in West Palm Beach, Fla. and Charlotte, N.C.