PCCP, LLC AND PANATTONI DEVELOPMENT COMPANY, INC. FORM JOINT VENTURE TO DEVELOP AN INDUSTRIAL BUILDING TOTALING 226,040 SQUARE FEET IN ADAIRSVILLE, GEORGIA
New York, NY, July 11, 2019 – PCCP, LLC announced today it has formed a joint venture with Panattoni Development Company, Inc. for the development of Georgia North Business Center, a 226,040-square-foot Class A industrial building in Adairsville, GA. Adairsville is within the Northwest submarket of the Greater Atlanta industrial market.
Located on International Parkway, the property will feature a 185’ truck court, 32’ clear height, 36 exterior docks, 49 trailer parking spaces, 130 car parking spaces, ESFR sprinklers, LED lighting and 5,000 square feet of office space. Design is underway with completion of construction anticipated for April 2020.
“This is PCCP’s ninth industrial equity investment with Panattoni and we see this as a prime opportunity to participate with them in this quality project,” said Ryan Dodge, a vice president with PCCP. “The greater Atlanta area is home to a top core industrial market, and over recent years has seen a substantial demand from both tenants and institutional capital.”
Situated on a 19-acre site .8 miles from Exit 306 at Interstate 75, Georgia North Business Center is located 60 miles northwest of Midtown Atlanta in Bartow County in an established industrial park. It is within a business park surrounded by a collection of rug/flooring related warehouse users and Japanese automotive companies. Occupiers in the area are attracted to this location given its access to I-75, abundant workforce, and affordable land prices/rents.
“We are excited to invest in another project with PCCP in the southeast. This project is situated in a great location along I-75 north between the northern suburbs of Atlanta, the flooring manufacturing base in Dalton, and the newly opened Appalachian Regional Port,” said Dayne Pryor, Partner with Panattoni.
Panattoni has delivered more than 32 million square feet of Class A warehouse space in South Carolina and Georgia since 1996. Regionally, Panattoni has been active in the Southeastern United States for over 22 years in Atlanta, Nashville, Memphis, and North Mississippi markets, among others. During that time, the developer has completed 84 buildings totaling in excess of 47 million square feet.