$25.6 million development will increase two buildings totaling 178,000 sq. feet to its industrial portfolio
Rendering of 1700 Corporate Travel, Norcross, GA
Rendering of 1760 Company Generate, Norcross, GA
IRVINE, Calif., April 19, 2022 (Globe NEWSWIRE) — CIP Actual Estate has commenced development on two condition-of-the-artwork industrial buildings on surplus land parcels in its Gwinnett Commons portfolio. Found in the Norcross region of Atlanta and quickly adjacent to the I-85 freeway, Gwinnett Commons is a leading 1.1 million-sq.-foot industrial park servicing this large-expansion northeast sub-sector.
This prepared advancement will present much-essential new industrial mid-bay products to the I-85 corridor which has seasoned sizeable tenant demand from customers more than the past two many years with emptiness charges dropping to underneath 2% for high quality warehouse and distribution room in the sub-current market.
“Due to land constraints and solid industry fundamentals, CIP Real Estate and its leasing workforce predict quite robust pre-leasing activity for both assignments,” explained Scott Flemer, COO of CIP Real Estate.
Construction started in January on the initially developing found at 1760 Corporate Generate, with envisioned completion in September 2022. The close to 88,408-square-foot making is made to accommodate a single to four industrial users, with flexible suites ranging from 15,000 sq. toes to the complete constructing. The developing will have a warehouse very clear height of 28 feet and significant-image business improvements, catering to tenants that demand these upgraded technical specs at lesser device measurements.
The next constructing, situated at 1700 Company Push, is scheduled to start building in the next quarter of 2022 with a completion day of very first quarter of 2023. This enhancement is positioned at the corner of Shackleford Road and Company Push and will be identical in size and style and design to the to start with developing at close to 89,348 sq. ft. CIP Actual Estate will demolish a single-tale business office setting up to make way for the new building, which will have a warehouse very clear peak of 32 toes and is capable to accommodate a person to a few tenants ranging in measurement from 25,000 sq. feet to the entire setting up.
The complete improvement cost is budgeted at about $25.6 million and will deliver the total Gwinnett Commons industrial portfolio to just about 1.3 million square ft.
Gwinnett Commons is located in the Gwinnett Area Community Improvement District, in Norcross, Georgia, which is regarded as a single of Atlanta’s swiftest building areas. The complicated is just 35 minutes from Hartsfield-Jackson Atlanta Intercontinental Airport, and 25 minutes from Downtown Atlanta. The Possibility Zone designation allows for major tax credits for new businesses that relocate to the place. Recent tenants consist of Siemens, Netflix, Emcor, Cintas, Sebia, Covidien, Essilor Labs, Medcipher and the United States Geological Survey.
The basic contractor for both tasks is Ordner Construction Corporation. JR Wright of Strategic Serious Estate Associates out of Atlanta is managing the leasing assignment.
About CIP Actual Estate LLC
CIP Real Estate LLC is a total-service authentic estate expenditure corporation focused on the acquisition, repositioning, re-branding, and management of industrial property all through West Coastline, Southeast, and Texas marketplaces. Established in 1995 and centered in Irvine, CA, the firm owns and manages close to 9.5 million square ft of high-quality attributes, with workplaces in Ontario (CA), Riverside (CA), Hayward (CA), Las Vegas, Charlotte, Atlanta and Dallas. www.ciprealestate.com
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