The new modern, differentiated mid-sized product supported by the continued growth of e?commerce
CA Ventures, the global vertically integrated real estate investment management company, today announced it has entered into a joint venture partnership (JV) to deliver a 215,000 square foot, front-load, class A light industrial facility. The project, dubbed Coweta Business Center, is located in Newnan, GA, one of Atlanta’s most active industrial submarkets.
“CA has had boots on the ground in the greater-Atlanta area for years and this project reiterates our commitment to investing in a market that has demonstrated such impressive growth and diversification,” said Steve Rowley, senior vice president and market officer for CA’s industrial division. “Newnan is a particularly attractive submarket given its proximity to the I-85 South corridor, the fastest-growing super region in the country, and Hartsfield-Jackson Atlanta International Airport, the busiest airport in the world. We’re proud to be able to deliver on a product and location that is comprehensively aligned with tenant needs.”
The project will feature 32-foot clear heights, 200 auto parking spaces and up to 55 dock doors with full truck circulation around the building. The site’s I-85-adjacent location is less than one mile from the full diamond interchange at Exit 51, which is critical for distributors seeking last‐mile delivery service to metro Atlanta, as well as bulk distribution to the growing southeastern markets along the I‐85 corridor, also known as the ‘Boom Belt’, in Georgia and the Carolinas. Coweta Business Center is scheduled to break ground later this year and will be completed in December 2021.
“Coweta Business Center is a wonderful addition to CA’s growing industrial portfolio”, said Michael Podboy, president of industrial for CA. “This is a differentiated product in an optimal location within a strategic, primary growth market. The project is an excellent representation of our investment strategy execution and consumer-centric approach. Tenant demand is mirroring the exponential growth of the e-commerce industry—a dynamic that has only been amplified by the pandemic. There is nothing but opportunity on the horizon and CA is well-positioned to support the continued expansion and innovation of the sector.”
Over the past year, CA has delivered more than 530,000 square feet of state-of-the-art warehouse and distribution facilities in premier locations in some of the top growth markets across the United States.
Wes Budd and Chris Irby of NAI Brannen Goddard represented CA in the acquisition of the land and will also be leasing the project. Mark Sixour, Dennis Mitchell, Matt Wirth and Britton Burdett of JLL Capital Markets arranged the joint venture partnership.
About CA Ventures
CA Ventures (“CA”) is a global vertically integrated real estate investment management company with more than $13 billion in assets across the United States, Europe and Latin America. The Chicago-based firm offers comprehensive in-house investment, development and operational services, and specializes in a range of niche, commercial real estate asset classes including student living, senior living, multifamily, industrial and medical office/life sciences. CA manages real estate investments on behalf of some of the world’s largest institutional investors across a range of core, value-add and opportunistic investment vehicles. The firm also offers third-party management services for student, senior and residential assets. For more information, visit www.ca-ventures.com.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
