Atlanta, GA, Jan.18, 2012 – IDI, a leading full-service industrial real estate company, announced today that it has purchased 254 acres of land in the I-20 West submarket of Atlanta and will begin construction immediately on Building A, a 650,000-square-foot speculative building at Riverside Business Center (top left photo).
This is the first substantial speculative land acquisition and speculative building start by any industrial real estate company in the Metro Atlanta market since 2008. IDI purchased the property from Crescent Resources, LLC.
IDI’s plans for Riverside Business Center include five buildings totaling 1.2 million square feet. Warehouse and industrial space will range in size from 75,000 square feet to 650,000 square feet and pad-ready sites will be available for build-to-suit opportunities. In addition, there are two commercial sites on the property totaling 20 acres, which IDI plans to market for retail and commercial uses. These sites are located at the intersection of Thornton Road and Riverside Parkway.
The I-20 West submarket of Metro Atlanta is a key logistics market for local and regional distribution in the Southeast, offering close proximity to downtown Atlanta, Atlanta’s Hartsfield-Jackson International Airport (top right photo) and excellent access to I-20, I-75 and I-85.
In addition, the area offers one of the best labor pools in Metro Atlanta for targeted industries, such as warehouse, distribution and back office uses, along with substantial infrastructure in terms of high quality roads, utilities and a pro-business environment.
“IDI has a long history of success with properties in the I-20 West submarket as this location is ideally positioned for companies seeking to add a key location to their supply chain,” said Lisa Ward (middle left photo), vice president of leasing for IDI’s Atlanta market office.
“The I-20 West submarket is relatively healthy with very few class-A buildings over 500,000 square feet available currently. As such, we are excited to deliver a new, class-A, IDI-quality property to the marketplace and about the opportunities provided in this submarket.”
Over the past decade, approximately 40 percent of IDI’s Georgia leasing activity has occurred in the I-20 West submarket. Most recently, a 745,000-square foot lease with Colgate-Palmolive brought IDI’s 1.3 million-square-foot WestPoint at Riverside park (lower right photo) to 100 percent occupancy.
IDI developed the Silver LEED-certified building in 2008, which was leased in late 2008 and occupied in April 2009. Additional parks in the market developed by IDI include Westfork Business Park (4 million square feet) and Camp Creek Business Center (approximately 1 million square feet).
Contacts:
Kim Hardcastle
Jackson Spalding for IDI
404-214-0693
Charlotte Marie Sturtz
Jackson Spalding for IDI
404-214-3555
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