Stonemont Lands $43M for Atlanta-Area Industrial Project
Stonemont Financial Group has secured a $42.5 million construction loan for Stonemont Park 75 South, a 903,701-square-foot industrial development in Locust Grove, Ga., near Atlanta. Principal Asset Management provided the financing and JLL Capital Markets brokered the transaction on behalf of the developer.
Stonemont acquired the 113-acre site in January 2023. Upon completion, the industrial park will include three rear-load buildings ranging from 124,800 to 538,720 square feet. The structures are slated to feature clear heights between 32 and 40 feet, 143 dock-high doors, 130-foot truck courts, 280 trailer parking stalls and 645 car parking spaces.
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Located at 75 Pine Grove Road, the site is off Highway 42 and has access to Interstate 75. The upcoming property will be roughly 35 miles south of Atlanta, as well as some 33 miles from Hartsfield Jackson Atlanta International Airport.
JLL’s Debt Advisory team included Senior Managing Director Gregg Shapiro and Senior Director Dan Kearns, alongside Vice President Kelsey Bawcombe and Associate Hunter Rich.
Atlanta’s industrial construction pipeline
At the end of the first quarter, Atlanta had 26 industrial projects in the pipeline totaling 12.3 million square feet and accounting for 2.2 percent of total stock, according to CommercialEdge data. Development in the metro was on an upward trajectory, marking a four-time increase year-over-year. However, Atlanta saw a decline in deliveries, with just seven industrial facilities completed in the first three months of 2024, totaling 1.8 million square feet.
An industrial project nearing completion in the Atlanta area is Alliance Industrial Co.’s 117,306-square-foot Factory Shoals Distribution Center. Cushman & Wakefield has been tapped as exclusive leasing broker for the development, which is scheduled for delivery in 2024’s third quarter.
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