JLL capitalizes Atlanta Goodyear Distribution Center
The build-to-suit is the largest industrial project currently under construction in the Atlanta MSA
ATLANTA, January 28, 2020 – JLL Capital Markets announced today that it has arranged an equity partnership for the development of a build-to-suit Goodyear Distribution Center, a 1.5-million-square-foot warehouse and distribution center in the suburban Atlanta community of Newnan, Georgia.
JLL worked on behalf of Prologis, Inc., the global leader in logistics real estate, to arrange the equity partnership with Stonemont Financial Group to fully fund and own this new facility for Goodyear.
Situated on 147 acres at the intersection of Interstate 85 and Georgia Highway 16, Goodyear Distribution Center is currently the largest build-to-suit industrial project under construction in the Atlanta metropolitan area. The facility will be constructed on a former golf course that was repurposed into an industrial park and expected to be completed in March 2021.
The JLL Capital Markets team representing the developer was led by Managing Directors Britton Burdette, Matt Wirth and Pete Pittroff; Senior Managing Director Dennis Mitchell; and Director Patrick Nally.
“Having this project land in Atlanta is important for the city and demonstrates the many advantages the market has in attracting large-scale distribution operations to the area,” Burdette said. “Prologis’ development expertise combined with Stonemont’s commitment to high-quality investment opportunities led to a great execution and results for Goodyear.”
According to a recent JLL Industrial Outlook Report, market fundamentals for United States industrial product in Q3 are continuing to perform well. Demand remains strong, and tenants have expressed preferences for new, modern spaces and shorter leases to meet product delivery timeline.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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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 annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Stonemont Financial Group
Stonemont Financial Group, a leading private real estate investment firm headquartered in Atlanta, Georgia, specializes in investing across a broad spectrum of asset classes and geographies to deliver attractive risk-adjusted returns. Stonemont offers diversified and differentiated real estate investment strategies and vehicles to institutions, family offices, trusts and high net-worth individuals. The Stonemont leadership team has more than 100 years of combined real estate expertise and has conducted more than $20 billion in total transactions, largely consisting of build-to-suit and sale leaseback transactions and speculative industrial developments. The company combines the experience and resources of a large institution with the creativity and flexibility of an entrepreneurial firm. For more information on Stonemont and its initiatives, visit stonemontfinancial.com.