IRVINE, Calif., April 19, 2022 (GLOBE NEWSWIRE) -- CIP Real Estate has commenced construction on two state-of-the-art industrial buildings on excess land parcels in its Gwinnett Commons portfolio. Located in the Norcross area of Atlanta and immediately adjacent to the I-85 freeway, Gwinnett Commons is a premier 1.1 million-square-foot industrial park servicing this high-growth northeast sub-market.
This planned development will provide much-needed new industrial mid-bay product to the I-85 corridor which has experienced significant tenant demand over the past two years with vacancy rates dropping to below 2% for quality warehouse and distribution space in the sub-market.
“Due to land constraints and strong market fundamentals, CIP Real Estate and its leasing team predict very strong pre-leasing activity for both projects,” said Scott Flemer, COO of CIP Real Estate.
Construction began in January on the first building located at 1760 Corporate Drive, with expected completion in September 2022. The approximately 88,408-square-foot building is designed to accommodate one to four industrial users, with flexible suites ranging from 15,000 square feet to the entire building. The building will have a warehouse clear height of 28 feet and high-image office improvements, catering to tenants that require these upgraded specifications at smaller unit sizes.
The second building, located at 1700 Corporate Drive, is scheduled to commence construction in the second quarter of 2022 with a completion date of first quarter of 2023. This development is situated at the corner of Shackleford Road and Corporate Drive and will be similar in size and design to the first building at approximately 89,348 square feet. CIP Real Estate will demolish a single-story office building to make way for the new building, which will have a warehouse clear height of 32 feet and is able to accommodate one to three tenants ranging in size from 25,000 square feet to the full building.
The total development cost is budgeted at about $25.6 million and will bring the total Gwinnett Commons industrial portfolio to almost 1.3 million square feet.
Gwinnett Commons is located in the Gwinnett Place Community Improvement District, in Norcross, Georgia, which is considered one of Atlanta’s fastest developing areas. The complex is just 35 minutes from Hartsfield-Jackson Atlanta International Airport, and 25 minutes from Downtown Atlanta. The Opportunity Zone designation allows for significant tax credits for new businesses that relocate to the space. Current tenants include Siemens, Netflix, Emcor, Cintas, Sebia, Covidien, Essilor Labs, Medcipher and the United States Geological Survey.
The general contractor for both projects is Ordner Construction Company. JR Wright of Strategic Real Estate Partners out of Atlanta is handling the leasing assignment.
About CIP Real Estate LLC
CIP Real Estate LLC is a full-service real estate investment company focused on the acquisition, repositioning, re-branding, and management of industrial assets throughout West Coast, Southeast, and Texas markets. Founded in 1995 and based in Irvine, CA, the company owns and manages approximately 9.5 million square feet of quality properties, with offices in Ontario (CA), Riverside (CA), Hayward (CA), Las Vegas, Charlotte, Atlanta and Dallas. www.ciprealestate.com
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/7993c383-fd96-4205-89cf-925509d31e6b
https://www.globenewswire.com/NewsRoom/AttachmentNg/f30a4979-95c2-41c2-93bb-d2d01c7cad40
