Stonemont Commences Construction at New Industrial Park in Locust Grove

Stonemont Commences Construction at New Industrial Park in Locust Grove

Stonemont Financial Group Begins Another Mega-Project

Atlanta-based developer, Stonemont Financial Group, known for their hefty industrial portfolio, with over 1 Million Square Feet (SF) already under their wing, has marked the commencement of another approximately 1M SF venture.

About 40 miles at the south of Downtown Atlanta, Stonemont Financial Group, along with their joint-venture partner, Compatriot Capital, this month has broken ground on Stonemont Park 75, a novel three-building, 904K SF industrial park in Locust Grove.

The project entails three rear-loading buildings spanning 125K SF, 240K SF, and 539K SF, respectively, with towering ceiling heights of 32 to 40 feet. The robust complex will include more than 300 parking stalls for truck trailers and nearly 600 for cars.

Construction Financing for the Project

The real estate asset manager, Principal Asset Management, has offered more than $42M in construction financing for the project. The loan was brokered by JLL’s Gregg Shapiro, Dan Kearns, Kelsey Bawcombe, and Hunter Rich.

The ambitious Stonemont Park 75 is slated for completion next summer. The leasing of the project has been entrusted with Wilson Hull & Neal partners Bilijack Bell and Joseph Rogers.

Other Developments

In other related news, T5 Data Centers is exploring the possibility of developing a two-story, two-building, 495K SF data center project in Fairburn.

Similarly, Novare Group and Batson-Cook Development Co. are planning the transformation of 33 acres off Georgia Highway 21 near Savannah into a single-family, build-to-rent community. This project, designed to include 106 two-story homes in Port Wentworth is touted to be delivered in the fall of 2025.

Significant Leasing and Selling

The Atlanta-based gas and electric utility company, Southern Company Gas, is planning to relocate its headquarters. It has leased a 260K SF space at Midtown Center II, moving from 10 Peachtree Place, located just half a mile north of the new site. The relocation process was managed by Leigh Martin, JLL Senior Managing Director.

New Acquisitions

Whitestone Cos. has recently acquired the 275-room Le Méridien Atlanta Perimeter hotel from the Starwood Capital Group affiliate. This 12-story hotel, located across from Perimeter Mall in Dunwoody, marks Whitestone’s first acquisition in the Metro Atlanta region. The sale was managed by Hunter Hotel Advisors’ Tim Osborne and Spencer Davidson.

In another considerable transaction, ATCAP Partners took over Gwinnett Park, a 12-building light industrial complex spread over 754K SF in Norcross, from Dogwood Industrial Properties.

Change of Hands and Key Placements

General contractor Swinerton has appointed Ryan Porche as a project executive in its Atlanta division, focusing on the expansion of healthcare work.

Meanwhile, Engel & Völkers Atlanta has welcomed Christopher Burell as its new Chief Growth Officer. His primary task would be amplifying the residential brokerage firm’s business in suburban Atlanta and North Georgia.