Construction officially underway at state-of-the-art industrial park.
OA Development, an Atlanta-based commercial real estate firm, officially breaks ground today on the latest Class A, light industrial development virtually adjacent to Hartsfield-Jackson Atlanta International Airport. Plans for Victory Landing Logistics Center include five state-of-the-art buildings totaling 700,000-sq. ft. on the largest track of available land adjacent to Interstate 285 in south Atlanta. Phase I of the industrial park is expected to be complete next summer. The industrial development, in combination with planned road improvements, represents an $83 million investment in Clayton County.
“This is one of, if not the, most highly desirable last-mile locations within two miles of the busiest aviation port in the world,” explains Steve Berman, founder and principal, OA Development. Victory Landing is situated on 90 acres along Conley Road (that becomes Charles Grant Parkway) in Clayton County that provides direct access to airport within five minutes with the Old Dixie Road underpass complete. Interstate 285 and Gilbert Road provide east and west borders to the site.
Phase I of the industrial park includes three buildings suitable for office and warehouse that feature 32-foot clear heights. Building 100 (appr. 147,000 sq. ft.) and Building 500 (appr. 220,000 sq. ft.) are set to deliver spring 2023. Building 200 (appr. 150,000 sq. ft.) is expected to be complete next summer. The additional two build-to-suit or speculative buildings with approximately 70,000 sq. ft. and 105,000 sq. ft are planned for phase II of the development. Roughly 30 percent of the site is designated green space and wetlands, providing a park-like setting.
“It has been years since a new ground-up industrial development this close to the airport has come online,” says Pat Murphy, managing director, Cushman & Wakefield. “Locating at this site would make the most sense for food and beverage distributors, ecommerce businesses, and third-party logistics operators at the very least, but certainly any national and international company requiring significant logistical access would also be a good fit.” Cushman & Wakefield, a leading global real estate services firm, is marketing the Class A property as the exclusive leasing agent for OA Development.
“OA has been assembling this tract for two decades,” explains Berman. The real estate firm acquired the original 55-acre site in 2001, and subsequently assembled the additional 35 acres. Adding to the site’s desirability are infrastructure improvements to Gilbert Road that further enhance the multi-modal connectivity to global markets. Three access points along Gilbert Road provide exceptional accessibility for light industrial use.
“The latest reports indicate that new industrial space currently under construction in this region, is already 80 percent leased. Today, 51.5 million sq. ft. of industrial space is under construction – and that still won’t be enough to fulfill the rising need. We are confident this level of demand for premium space – even as rent rates climb to historic levels – will continue as a strong proclivity for last-mile facilities continues,” concludes Berman.
“The Victory Landing project represents the best and highest use for this tract of land,” says Jeffrey E. Turner, chairman, Clayton County Board of Commissioners. “Prime access to our world-class airport, two major highways, as well as CSX and Norfolk Southern Intermodals, makes this good for industrial users, good for Clayton County and good for Atlanta’s standing as the business capitol of the South. Clayton County is where the world lands and opportunities take off.” With predevelopment complete and construction underway, Cushman & Wakefield is actively pursuing tenants that will benefit from the sites proximity to a robust Interstate system and the single, largest job creator in the United States, Hartsfield-Jackson Atlanta International Airport.
“According to our analytics, more space was absorbed in Atlanta during the second quarter of this year than any other market in the country, and the Airport/South Atlanta Submarket is one of the City’s largest contributors to industrial’s ‘Golden Era’,” explains Murphy. With 82 million sq. ft. of existing inventory and 3.2 million sq. ft. currently under construction, the submarket has seen rental rates climb to all-time highs and vacancy rates tumble to an all-time low of 2.7%. In the second quarter alone, 36 users occupying 100,000 sq. ft. or more moved into new space. To date in 2022, 1.6 million sq. ft. has been completed in this area. “This development is one of the most exciting to come online in recent history. A location this close to the airport will offer a variety of occupiers strategic access to Metro Atlanta as well as the Southeast. We anticipate heavy demand for this project,” adds Murphy.
OA Development assembled an expert development team respected for its industrial experience: Marietta, Ga.-based The Conlan Company is well-known for construction of distribution centers throughout the Southeast, and Roswell, Ga.-based Randall-Paulson Architects is a prolific industrial design firm. For leasing information, contact Cushman & Wakefield’s Pat Murphy (firstname.lastname@example.org) or Lisa Pittman (email@example.com).
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 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit cushmanwakefield.com or follow @CushWake on Twitter.
About OA Development
Founded in 1993, OA Development is a privately-held, integrated commercial real estate firm that invests in and manages office and industrial assets throughout the Southeast that total 2.1 million sq. ft. The company’s expert team curates sound investments, operates with transparency, sustains loyal partnerships and captures consistent value. The firm has raised more than $184 million in capital/equity to acquire opportunistic commercial real estate. For more information, visit oadevelopment.com.