Cushman & Wakefield Retained to Oversee Leasing at 395,000-Square-Foot Park
Ultimate Realty announced today the launch of a $12 million redevelopment of the former Westgate Shopping Center, located at 2525 Pio Nono Avenue in Macon, Georgia, rebranding the complex as Middle Georgia Industrial Park. Courtney Oldenburg and Chris Copenhaver of Cushman & Wakefieldhave been retained to overseeing leasing at the 395,000-square-foot,six-building industrial park. The buildings range in size from 19,000 square feet to 106,000 square feet and are scheduled to be completed this summer.
“The former Westgate Shopping Mall is in a prime setting for a retail-to-industrial conversion with the new name referring to the optimal location Macon has become for the state of Georgia,” said Joe Sabbagh of Ultimate Realty. “Our unique vision will bring a world-class redevelopment to the market, resulting in the addition of hundreds of jobs in Macon.”
The $12 million redevelopment marks Ultimate Realty’s first project in Georgia. It will include interior rehab work such as new electrical systems, bathrooms,new loading docks and drive in doors, office pod additionsand repainting of the facades. The renovation plan will also include upgrading the signage, major landscaping work, new LED lighting, upgraded sprinklers, and expansive truck parking.
“The property is well-positioned for an industrial conversion due to the existing ceiling heights, major highwayaccess, ample loading and ideal divisibility,” Copenhaver said. “Demand for industrial space has been tight throughout the market, and this location in particular is prime for logistics thanks to its centralized location and interstate access.”
Metro Atlanta experienced its highest annual leasing total in history in 2019, with more than 31.5 million square feet (msf) of new leasessigned. Nearly 8.9 msf of new transactions were signed in fourth quarter 2019 alone.
The redevelopment of the former retail space to industrial is one of the first projects of its kind in Georgia and one of only a few in the country. Since 2016, there has been 893.3 million square feet msf of new industrial supply, of which 840.2 msf was logistics, according to Cushman & Wakefield Research. In terms of this recently delivered industrial supply, retail-to-warehouse conversions account for 1.2 percent of total industrial deliveries and 1.3 percent of new logistics supply.
About Ultimate Realty
Ultimate Realty, an experienced New York-based real estate investment management firm that specializes in multi-family, commercial & retail holdings projects throughout the United States (the “Sponsor”). Since its inception in 1996, Ultimate Realty has acquired over 50 properties and has transacted on several hundred million dollars of real estate.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.comor follow @CushWake on Twitter.
