Newport Beach, Calif.-based CT Realty and its affiliates have completed the first phase of development at Palmetto Logistics Park and announce a 1 million-square-foot lease to Drive DeVilbiss Healthcare, a global manufacturer of respiratory and ambulatory medical products.
According to a news release, the medical equipment maker plans to take occupancy soon.
Terms of the lease were not disclosed.
The release stated CT and affiliate Port Logistics Realty partnered with River Oaks Capital Partners in a joint venture with Prudential Global Investment Managers to acquire the initial 213-acre parcel for Palmetto Logistics Park in 2017.
The venture owns the underlying land for the second phase of the project, a 1 million-square-foot distribution facility that will commence development in January and is slated for completion in the fourth quarter of 2019.
The venture controls an additional 147 acres for two subsequent phases of development that will complete the 3.5-million-square-foot logistics park.
A key feature of Palmetto Logistics Park is its location across the highway from a CSX railroad intermodal facility and proximity to I-85.
The park is also located 12 miles from Hartsfield-Jackson Atlanta International Airport.
“Buildings that are strategically located near modern logistics infrastructure are integral to meeting the demands of today’s most progressive logistics users, which is at the heart of our national strategy,” Rob Huthnance, CT’s partner responsible for East Coast development and operations, including the activities of PLR, said in a statement.
Drive DeVilbiss Healthcare was represented by Jason Goldman and Bob Robers of Cushman & Wakefield, while the joint venture was represented by Ben Logue and Price Weaver of Colliers International.
“This building meets the expansion needs of Drive DeVilbiss Healthcare and represents the high caliber of distribution facilities in demand throughout the region,” Eben Hardie of River Oaks Capital Partners, CT’s partner in Atlanta, said in a statement.
CT Realty is engaged in a strategic expansion to meet the significant global demand from e-commerce and logistics companies for large scale, Class A industrial buildings in nine Tier 1 markets in the U.S., the release stated.