Newport Beach, California-based Panattoni Development Co. will open an additional 1.55 million square feet of space at its Lambert Farms Logistics Park east of I-75 in McDonough next year.
One million square feet of the space has been pre-leased to an international consumer brand.
The additional 550,000 square feet is being developed as speculative space.
A team from Chicago, Illinois-based Fortune 500 real estate and investment management company Jones Lang LaSalle Inc., led by Executive Vice President Wit Truitt, Senior Vice President Chris Tomasulo and Vice President Reed Davis, represented the ownership entity in the lease negotiations.
JLL is marketing the spec portion of the project.
Panattoni started construction on the development in June and expects to complete it in the second quarter of 2018.
“Lambert Farms continues to attract interest from blue-chip companies, and Panattoni is pleased to be expanding the project once again,” Panattoni partner Dayne Pryor said in a statement. “The large lease and additional spec development is a testament to Lambert Farms’ and Henry County’s position as a preferred location for major logistics facilities.”
In 2016, upscale retailer Tory Burch leased a 753,000-square-foot distribution center at Lambert Farms. Expected to be operational later this year, the distribution center is projected to create more than150 new jobs.
“This latest lease continues the momentum Panattoni has created at Lambert Farms,” Truitt said in a statement. “Corporate America really likes the development’s location as an ideal spot for both distribution and e-commerce users.”
According to Truitt, metro Atlanta’s superior logistics location, proximity to the UPS and FedEx hubs in the region, and the access to the Georgia Ports Authority import centers in Savannah are some of the key drivers for the success of Lambert Farms.