A household name signed on last year for a major facility built by one of the nation’s most prolific industrial developers in the super-tight Interstate 85 South industrial market.
The Procter & Gamble (NYSE: P&G) build-to-suit deal for a 1-plus million-square-foot distribution center and offices complex with members of the Atlanta office of industrial developer Majestic Realty Co. is a finalist for Industrial Deal of the Year in Atlanta Business Chronicle’s 2013 Best in Atlanta Real Estate Awards. The agreement close late last year.
The $60 million facility, a cross-dock-loading distribution center that includes 50,000 square feet of office space, is currently under construction on a prominent site fronting I-85, immediately off the Flat Shoals Road exit ramp in Union City, approximately eight miles south of Atlanta’s Hartsfield-Jackson Atlanta International Airport. It will be fully leased to P&G upon completion, scheduled for late 2014.
Negotiating the deal on the developer side were Majestic’s Stan Conway, senior vice president and director of development; Scott Brown, vice president; and Will Lombard, director of leasing and development.
P&G was represented by a Jones Lang LaSalle (NYSE: JLL) team comprised of senior vice president Alan Clayton and vice president Paul Roeser, both members of the Atlanta JLL office.
P&G will be consolidating distribution operations here from multiple facilities, according to Conway.
The new P&G center is located in Majestic Airport Center III, the third phase of a successful string of Atlanta airport-area industrial parks by southern California-based Majestic.
At Majestic Airport Center III, P&G’s next door neighbor will be Kraft Foods. In 2009, Majestic inked a deal with Kraft for a 1 million-square-foot build-to-suit warehouse and distribution facility here. The other major tenant is Seattle-based biotech firm Dendreon Corp., that occupies a 160,000-square-foot facility resulting from another 2009 build-to-suit deal.
Link to Original Article: http://www.bizjournals.com/atlanta/print-edition/2014/03/07/giants-come-together-for-massive-union.html