Black Creek Group, a real estate investment firm and sponsor of non-traded direct investment programs, has purchased 53 acres in the I-75 Northwest submarket of Atlanta to develop 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, the company said.
Dubbed River Point, the project is in Emerson, Georgia 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 building in the fourth quarter of 2019.
“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 3.6 percent, compared to about 5.7 perceny for Atlanta as a whole.
Black Creek Group is a real estate investment management and development firm that manages investment offerings across the spectrum of commercial real estate – including office, industrial, retail and multifamily. The company’s investment programs include the Black Creek Diversified Property Fund, Black Creek Industrial REIT IV, and Industrial Property Trust, which is being sold to an affiliate of Prologis Inc. (NYSE: PLD) for nearly $4 billion. The firm has bought or built more than $19 billion of investments over its 25-year history.