Black Creek Group Plans to Develop Industrial Park North of Atlanta
July 31, 2019 | James Sprow | Blue Vault
Black Creek Group, a Denver-based real estate investment manager and development firm with a more than 25-year history, today announced the acquisition of 53 acres in the I-75 Northwest submarket of Atlanta for the development of a three-building Class A, industrial park. The park will total 777,000 square feet and will be able to accommodate multiple tenants ranging from 40,000 square feet to 400,000 square feet.
“We are very excited to add such a high-quality site to our development pipeline,” said Matt Breaux, Black Creek Group’s senior vice president for the Southeast Region. “Industrial fundamentals are strong across-the-board in the Greater Atlanta area, but the I-75 Northwest submarket has pent up demand with very limited new supply.” He noted that the vacancy rate in the submarket is just 3.6%, compared to about 5.7% for Atlanta as a whole.
Dubbed River Point, the project is in Emerson, GA and represents the firm’s third industrial development in the Atlanta area. The development will bring Black Creek’s industrial footprint in the region to approximately 5.8 million square feet. Initial plans call for construction to commence on all three buildings in Q4 2019.
About Black Creek Group
Black Creek Group is an experienced real estate investment management and development firm that has bought or built over $19 billion of investments throughout its more than 25-year history. The firm manages diverse investment offerings across the spectrum of commercial real estate – including office, industrial, retail and multifamily – providing a range of investment solutions for both institutional and wealth management channels. Black Creek Group has nine offices across North America with more than 300 professionals.
Blue Vault Partners reports quarterly on three Black Creek Group sponsored nontraded REIT programs (Black Creek Diversified Property Fund, Black Creek Industrial REIT IV, and Industrial Property Trust) and an Interval Fund sponsored by Black Creek, PREDEX. Industrial Property Trust announced on July 15 an all-cash deal valued at approximately $3.99 billion in which its wholly-owned 236 industrial properties comprising 37.5 million square feet will be sold to Prologis, a listed REIT.
More information is available at blackcreekgroup.com.
Sources: Black Creek Group, Blue Vault
