Looking ahead: the rendering of IDI's BTS opportunity at Southcreek Distribution Center Site V.
IDI and Clorox are at the Dove Bar stage, 99.9 percent pure, and heading toward the finish line for a distribution center at IDI's South Creek V site that could total 1.4 million square feet.
According to our sources, Clorox's CRESA Partners team of Brad Metzger and Ed Riggins are in the final stages of negotiations and have the property under letter of intent. South Creek V was originally slated for a 1-million-square-foot distribution center, but IDI took down additional land to accommodate Clorox's growth/consolidation needs. Clorox has a number of logistics properties on the Southside, including approximately 600,000 square feet at Duke Realty's Camp Creek development.
Atlanta's industrial market may have hit the tipping point in the fourth quarter of 2009, where four of 12 submarkets closed the year with positive net absorption and total negative net absorption was 377,952 square feet - not a great number but much better than the third quarter's negative net absorption of 1.7 million square feet, according to King Industrial Realty. IDI's lease with Colgate-Palmolive in the I-20 West submarket and MajesticAirport Center II and Kraft's 960,000 square-foot lease at Majestic Airport II certainly helped matters in the fourth quarter.
A number of big projects requiring 200,000 to 800,000 square feet are on the horizon for the next year to 18 months, including Phillips-Van HeusenSystemax (Project Tiger), which is a different operating group than Systemax's tenancy at Shawnee Ridge; Amazon.com (Project Delta); Rite Aid (Project Patriot); and Korean battery maker CT&T (Project Red).
Other deals are closing, too, though. Panattoni has leased 105,000 square feet to Velocity Express in the Fulton Industrial submarket. Trent Smith of Mohr Partners' Dallas office represented Velocity Express, while Scott Plomgren and Peyton McWhirter of McWhirter Realty Partners represented Panattoni.
