PCCP JV to Develop Warehouse in Metro Atlanta

A joint venture of PCCP LLC and Panattoni Development Co. Inc. will be developing a speculative 526,400-square-foot Class A industrial warehouse building on a 46-acre site in Cartersville, Ga., the two companies announced Wednesday.

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The project, Bartow Commerce Center Building III, is in Bartow Commerce Center, directly off I-75 in Bartow County, in the northwestern part of the Atlanta market.

Building 3 will be a cross-docked distribution center featuring 36-foot clear heights, a 185-foot truck court, 177 trailer parking spaces, 329 car parking spaces, 128 dock doors, LED lighting and ESFR sprinklers. Delivery is expected in June 2022.

Ryan Dodge, senior vice president with PCCP, said in a prepared statement that the venture believes this facility will attract large users looking for state-of-the-art features and convenient access to Interstate 75.

Dayne Pryor, a partner at Panattoni Development, added that this is his company’s seventh industrial project in Bartow County and its fourth there in partnership with PCCP.

The general contractor is Alston, a spokesperson for the joint venture told Commercial Property Executive.

Mike Chambers of NAI Atlanta will lead leasing efforts for the property.

A long-standing partnership

This new project is the third facility PCCP and Panattoni will develop within Bartow Commerce Center.

In December 2019, the venture acquired a 104-acre site for the development of two Class A industrial facilities. The partners secured Wellmade Flooring as a full-building user during construction of Busch Drive Building 1 (328,000 square feet), which is now completed and occupied.

Busch Drive Building 2 (396,000 square feet) is currently under construction and anticipated to be completed in July. It’s currently 75 percent leased to a top U.S. conglomerate.

Roughly two months ago, PCCP and Panattoni acquired a 90-acre site just off I-81 in Hagerstown, Md., for the development of a 730,880-square-foot speculative industrial facility, called Creekside Logistics Center. The project is slated for delivery in December.

Steady and strong

Metro Atlanta’s industrial market remained active through 2020 and the pandemic—and is still going strong, according to a first-quarter report from JLL. Vacancies have fallen, with large blocks of space in particularly high demand, and even with 24.1 million square feet underway, supply pressures are expected to continue.

In the northwestern submarket, warehouse/distribution space has a total vacancy of 5.6 percent (versus total availability of 17.6 percent) on an inventory of 44.8 million square feet, also according to JLL.