This Week's Atlanta Deal Sheet: Stonemont Going Spec On Locust Grove Industrial
A local industrial developer is launching a nearly 1M SF speculative industrial park south of Atlanta.
Stonemont Financial Group plans to break ground on a three-building, 903K SF speculative distribution center in Locust Grove, a major industrial market some 40 miles south of Downtown Atlanta.
The complex, called Stonemont Park 75 South, is expected to break ground this quarter, with buildings that range from 125K SF to 539K SF, according to a press release. The project also will include parking for 316 truck trailers and 612 vehicles.
The project is off Georgia 42, fronting Interstate 75. Last year, Stonemont broke ground on a 236K SF industrial park in Chamblee, a 234K SF warehouse in Braselton and an 18-acre industrial complex in Kennesaw.
LEASES
NAC International, a nuclear fuel cycle technology and consulting company, inked 23K SF at 2 Sun Court, a 98K SF Class-A office building in Peachtree Corners. Lincoln Property Company Southeast Senior Vice President Michel Howell, Vice President Matt Fergus and Senior Leasing Associate Seabie Hickson represented the landlord, Redline Property Partners. Savills Managing Director Cory Hall and Vice Chairman Bo Keatley represented the tenant.
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Emory Investment Management — the firm that manages the assets of Emory University, Emory Healthcare and The Carter Center — is moving into 13,400 SF at Piedmont Center 1-4 in Buckhead, according to a tenant build-out application filed by the landlord, The Ardent Cos.
EIM is listed as moving into the 287K SF 3445 Peachtree building. Ardent is building out the third floor that includes new walls, ceilings, lighting, plumbing and common area renovations, according to the application.
FINANCING
BridgeInvest has provided a three-year, $30.5M floating-rate loan for the buyer of the two-building Clairmont Crest Apartments complex. The loan for the 196-unit property is interest-only with a loan-to-cost ratio of 73%. Details on the purchase, including the buyer, were not disclosed. Black Bear Capital Partners Senior Managing Director Matthew Stearns and Managing Director Zach Fitzgerald arranged the financing package.
SALES
Westcore purchased Braselton Crossroads, a three-building, 460K SF warehouse campus in Braselton, from Ackerman & Co. The complex is leased to tenants including Children's Healthcare of Atlanta, Airflotek and Simple Automation. Terms of the deal weren't disclosed. Cushman & Wakefield Executive Director Casey Masters brokered the transaction.
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Stonemont Financial Group has acquired Preston Ridge Medical Office, an 85K SF medical office building adjacent to the Northside Hospital campus off Old Milton Parkway in Alpharetta. Northside is the anchor tenant, providing cancer care from the facility.
Terms of the sale were undisclosed. Preston Ridge was previously listed as owned by Preston Professional, with a value of $15.7M as of 2022, according to Fulton County records.
