ATLANTA, June 5, 2017 /CNW/ -- The official ground breaking for a 1 million square foot state-of-the-art industrial building took place today in the Atlanta suburb of Locust Grove with Clayco, CRG and John Hancock Real Estate, owner of the property, present for the ceremony. The building will be available for occupancy in early 2018.
"Atlanta's thriving business culture makes it a key component of our real estate acquisition and development strategy," said Kevin Adolphe, President & Chief Executive Officer of John Hancock Real Estate. "We believe the prime location of this new industrial development along with the expertise of our partner, CRG, will give tenants the ideal platform for success."
Real estate developer CRG and design-build firm Clayco, will create a multiple phase business park with the flexibility to meet large industrial needs. This is the first of a 311-acre development designed for over 4.5 million square feet of industrial buildings.
"We are thrilled that John Hancock Real Estate and CRG have chosen Locust Grove as the location for the new distribution center and business park," Locust Grove Mayor Robert Price said. "We look forward to the economic development, job creation, infrastructure and road improvements this development will bring to Locust Grove and our surrounding communities."
Once completed, the facility will feature 36' clear heights with 236 trailer spaces, 148 dock height doors and 386 parking spaces. With all concrete paving and LED lighting this facility is expected to provide best-in-class performance.
CRG Vice President and Southeast Partner Mike Demperio said, "We see significant opportunity in the I-75 corridor with close proximity to Port Savannah, Charleston, Jacksonville and all of Florida. Within the attractive Henry County industrial market, the site is located a half mile from the I-75 and Bill Garner Parkway interchange, just 30 miles south of Hartsfield-Jackson International Airport."
CRG Partner Larry Chapman added, "CRG has looked for superior sites throughout the Atlanta industrial market and Locust Grove delivers to today's modern industrial user on all counts. This is one more step that CRG is taking to enhance our industrial portfolio in the southeast market."
Clayco is the design-builder and its subsidiary, Forum Studio is the architect on the project. For more information about the Locust Grove Distribution Center, visit the CRG website.
For further information, please visit www.locustgroveindustrial.com.
CRG is a leading North American real estate developer headquartered in St. Louis, Missouri with offices in Chicago, Sacramento, Atlanta, Pittsburgh and Northern New Jersey. The CRG team has developed more than 5,000 acres of land and delivered over 160 million square feet of commercial, industrial, multi-family and institutional assets exceeding $9 billion in value. For more information visit www.realcrg.com.
Clayco is a full-service, turnkey real estate development, master planning, architecture, engineering and construction firm that delivers clients around the world the highest quality solutions on time, on budget, and above and beyond expectations. With $1.691 billion in revenue for 2016, Clayco specializes in the "art and science of building," providing fast track, efficient solutions globally for commercial, institutional and residential related building projects. For more information visit www.claycorp.com.
About Manulife Real Estate and John Hancock Real Estate
Manulife Real Estate is the global real estate arm of Manulife, operating as John Hancock Real Estate in the U.S. and Manulife Real Estate in all other parts of the world. Manulife Real Estate has fully integrated in-house capabilities and 80 years of experience as an active investor, owner, developer and asset manager of commercial real estate. Diversified by both geography and asset type, the portfolio consists primarily of prime office and industrial properties, as well as select retail and multi-family residential properties, in key metropolitan centers throughout Canada, Asia and in the United States. In addition to equity real estate, Manulife Real Estate manages the space requirements and own use facilities for Manulife and John Hancock operations around the world. Manulife Real Estate also extends its real estate asset management expertise to institutional investors. As at March 31, 2017, the Manulife Real Estate portfolio totaled more than 62 million square feet with AUM market value of C$21.6 billion (US$15.2 billion). Additional information about Manulife Real Estate can be found at http://www.manuliferealestate.com/
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