CRG Signs Tenant to Atlanta-Area Spec Warehouse

The Cubes at Bridgeport. Image courtesy of CRG

CRG has leased up Building A at The Cubes at Bridgeport in Moreland, Ga., in one fell swoop. The national real estate development and investment firm, which oversaw delivery of the 560,000-square-foot industrial warehouse in mid-2021, has signed an international e-commerce company to occupy the suburban Atlanta facility in its entirety.

Carrying the address of 280 Bridgeport Blvd. at the edge of the town of Newnan, Building A is the second vertical development to reach completion at CRG’s The Cubes at Bridgeport, a 560-acre industrial park located roughly 40 miles southwest of Atlanta’s central business district and 30 miles from Hartsfield-Jackson Atlanta International Airport. The master-planned campus sits in Atlanta’s I-85 South submarket in Coweta County. It’s a good place to own a warehouse.

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“The I-85 South submarket is the region’s tightest, with just 1.2 percent of current warehouse/distribution inventory vacant, an astounding 340-basis point improvement since the third quarter, when it posted the second-highest W/D vacancy rate in the market,” according to a fourth quarter 2021 report by Cushman & Wakefield.

CRG announced that it had broken ground on Building A, sited on a 35-acre parcel sandwiched between I-85 and two rail lines, in February 2021, with parent company Clayco aboard as general contractor. Designed by Lamar Johnson Collaborative, a CRG subsidiary, the facility offers features that industrial users covet in today’s state-of-the-art properties, including 40-foot clear heights, an ESFR sprinkler system and ample trailer and auto spaces.

Build, lease, sell, repeat?

The lease-up of Building A occurred much like that of the speculative, 1 million-square-foot Building B; Amazon claimed The Cubes at Bridgeport’s inaugural warehouse for itself with a full-building commitment in early 2020, just months after the gargantuan warehouse had made its debut in 2019. It remains to be seen, however, if CRG will usher Building A along the same path it took Building B, which the company sold to KKR in fall 2020 for $73.1 million.

The Cubes at Bridgeport provides CRG the opportunity for further building, leasing and, if the company so desires, selling, as the industrial park can accommodate an additional 6 million square feet of development for both small and big-box users. And Atlanta’s industrial real estate sector remains a hotbed of property trades. “2022 is predicted to be another strong year for Atlanta investment sales. Cap rates are expected to remain steady, encouraging developers to continue building and selling,” according to the Cushman & Wakefield report.