Red Rock Developments, JLL Announce Plans for Shugart Farms Phase II
Next stage of development of fully served bulk distribution park underway in Atlanta’s I-85 South Industrial Corridor
ATLANTA, GA, (June X, 2018) – Red Rock Developments and JLL are moving forward with development and leasing for Shugart Farms Phase II, which includes three buildings totaling nearly 3 million square feet in Atlanta’s I-85 South industrial corridor. Phase II is expected to deliver during the fourth quarter of 2018.
Construction is currently underway for a 982,777-square-foot speculative industrial building. Two additional build-to-suit opportunities in Phase II are 1.5 +/- million square feet and 485,381 square feet. Located off Tatum Road and I-85, Shugart Farms Phase II is situated in an ideal location for easy highway and airport access, just 18 miles south of Atlanta Hartsfield-Jackson International Airport and only 3.5 miles from the CSX Intermodal facility.
“Record absorption, historically low vacancy rates and rising investment acitivity has generated extraordinary demand in Atlanta’s industrial market,” said John Barker, Jr., president and chief development officer of Red Rock. “As strong market fundamentals continue to propel industrial construction, we’re confident in the future prospects for new spec warehouse and distribution space.”
Shugart Farms Phase I was completed last year and included two speculative industrial buildings totaling nearly 2 million square feet. The first building, a 1,037,400-square-foot build-to-suit currently leased by Smuckers, was completed in March 2016. The second building, an 873,800-square-foot built-to-suit currently leased by Duracell, was delivered in April 2017. Other nearby tenants include Google, Clorox, Lowe’s and Owens Corning.
“Atlanta’s I-85 submarket offers unmatched connectivity to major interstates, transportation hubs and the Atlanta airport. Major tenants continue to ink deals in the area, stimulating job growth and indicating the incredible strength of Atlanta’s industrial market,” said Brad Pope, senior vice president at JLL. “We’re confident that the facilities at Shugart Farms Phase II will attract major industrial users, and we look forward to bringing major tenants and jobs to the region.”
Shugart Farms Lake Park Industrial will eventually span 2,500 acres and 16 million square feet of industrial space. Once entitled, two additional phases of development could bring 10 million square feet of speculative industrial space to the corridor, making Shugart Farms the largest industrial park in the Atlanta region.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 83,500 as of March 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit ir.jll.com.
About Red Rock Developments
Red Rock Developments is a national commercial developer with active developments in Louisville, KY; Memphis, TN; and Atlanta, GA. The company focuses on single-tenant development for office, industrial and retail along with speculative industrial buildings in select locations. With core values center around God and family, Red Rock Developments strives to do development the right way, with integrity, honesty and class while forming strong relationships with every client.