The land was acquired from the Monroe County Development Authority. Site work on the project will begin immediately. Pad-ready sites for buildings ranging from 200,000 sf to more than 1.2 million sf will be ready in the third quarter, at which time the company will begin construction of its first building with a total of 500,000 sf.
The business park will be located 15 miles north of Macon and 55 miles south of Interstate 285 in an area that is experiencing growing demand for distribution and warehouse space. "IDI has discovered through our interviews and research with tenants, brokers and logistics consultants that this location is in high demand among users due to its access and proximity to consumers," says IDI vice president of leasing Lisa Ward, who is located in the company's Atlanta office. "From Meridian 75 Logistics Center, consumers as far south as Miami or as far north as Richmond, VA, along the Atlantic Seaboard or Cincinnati, can all be reached within an eight-hour drive."
The park is expected to serve a broad customer base and may serve distribution or retail tenants that move goods through the Port of Savannah. "While most of Atlanta's submarkets primarily serve the metro area's five-million-plus population, this park will also serve Florida's population of 18 million, which is within a day's drive of the site," says IDI vice president and regional development officer Jay Mitchell in the company's Atlanta office.
IDI's buy comes less than a week after GlobeSt.com reported a similar deal in Fort Pierce, FL. In that transaction, IDI purchased 129 acres with plans to develop approximately 1.3 million sf of warehouse and industrial space. The land acquisition price was $17 million.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.