3 Million-Square-Foot Park in Atlanta Market One of Eight in Works Nationally By Life Insurer to Diversify Portfolio
MetLife, Inc. announced it will develop a large warehouse and distribution park on 183 acres near Atlanta with privately held Panattoni Development Co. of Newport Beach, CA.
The project kicks off development of eight industrial facilities in four states that will comprise the initial portfolio for the life company and the national development powerhouse.
The $110 million Lambert Farms Distribution Center on King Mill Road in Henry County, 25 miles from Atlanta, will include up to 3 million square feet and may accommodate up to two 1.5 million-square-foot facilities. MetLife will be the majority partner and Panattoni will be the managing member.
The development will feature LEED certified buildings, clear heights of 36 feet and truck court depths of up to 240 feet, making the facility attractive to a wide variety of corporate tenants.
Construction of the park will take about three years and is expected to create about 1,200 full-time construction jobs. The total development costs will run about $110 million.
"The Lambert Farms development in the Atlanta area shows that MetLife is further diversifying its real estate equity holdings by adding a high quality industrial asset to our portfolio," said Robert Merck, senior managing director and global head of real estate for MetLife. "Nationally, we think the long-term growth factors for industrial markets in core cities are very positive."
The two companies have plans for a total of eight industrial facilities on 356 acres in four states totaling nearly 6 million square feet. MetLife and Panattoni plan projects in Seattle, Chicago, the Inland Empire market of Southern California, and a second project in the northeast Atlanta submarket.
MetLife and Panattoni did not disclose details of those future projects. Merck said the partnership intends to develop in other major industrial markets throughout the U.S. "as economic conditions permit."