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UrbanizeAtlNewsBot@yall.theatl.social

Rare ITP logistics hub opens near historic downtown, finds success Josh Green Mon, 07/01/2024 - 09:37 Despite recent turbulence in the industry on a national scale, one of the first industrial developments of its kind to be built inside Atlanta’s Interstate 285 Perimeter in more than a decade is quickly attracting tenants, according to project officials.

Stonemont Financial Group, an Atlanta-based real estate investment firm that specializes in industrial development, has signed its third sizable lease at Chamblee International Logistics Park since the Class A project finished construction near the city’s historic downtown in February.

The latest deal—a 45,000-square-foot lease with Aramark Refreshments—brings the rare new ITP logistics hub to about 50 percent leased, according to Stonemont and its venture partner Seven Oaks Company.

The four-building, 236,000-square-foot complex took shape at 3311 Catalina Drive, about a half-mile from MARTA’s Chamblee station and just north of the area’s airport, DeKalb-Peachtree Airport.

Fronting both Chamblee Tucker Road and Chamblee Dunwoody Road, the 30-acre site was previously vacant, and project heads have said 6 acres were left empty for future development.

The 30 acres where Chamblee International Logistics Park has come together (shown prior to construction), just north of the area’s airport. Courtesy of Stonemont Financial Group

Courtesy of Stonemont Financial Group

Aramark Refreshments—a food services and facilities provider, and subsidiary of Aramark—will lease the entirety of Building 4 at the industrial park. Previously signed leases totaled 17,128 square feet in Building 1, and 50,720 square feet in Building 2.

The project marked one of the first Class A industrial properties to take shape ITP over the past 10 years, according to Stonemont officials. David Kaplan, the company’s vice president, called the Chamblee address “one of the most desirable locations inside the I-285 perimeter” and “a rare find for an industrial complex of this size” in an announcement.

Beyond airport access, other aspects working in the project’s favor include Chamblee’s relatively low home prices and population growth, along with quick access to I-285 and I-85, according to Stonemont.

Industrial leasing across metro Atlanta stayed relatively healthy in the first quarter of this year. According to Stonemont’s tally, 7.2 million square feet of space was signed, with 74 percent of that being new deals. The company remains bullish on Georgia, with more than 2 million square feet of industrial development under construction or recently finished in the state, include a three-building project in Locust Grove that broke ground this month, marking one of the only projects of its size to move forward in 2024, per officials.

In Chamblee, the development team also included Ware Malcomb architects, civil engineering firm Kimley Horn and Associates, and general contractors Catamount Constructors.

Courtesy of Stonemont Financial Group

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