Atlanta developer seals deal on 220-acre site in Adairsville
Price Muir, an Atlanta-based real estate developer, has confirmed that his purchase of 220 acres in the Georgia North Industrial Park off Ga. 140 in Adairsville has been completed, but he doesn’t plan to hang on to the property for long.
Muir declined to specify the purchase price.
Melinda Lemmon, executive director of the Cartersville-Bartow County Economic Development office, said Japanese firm TK Holdings of Auburn Hills, Michigan, previously owned the land.
Muir said one of the most attractive aspects of Adairsville is that it is flat. There are no wetlands issues and it’s ready for development. “You could almost go out there with an axe and a weed eater and get it pad ready,” Muir said.
“We’re talking 3.5 million square feet here,” Muir said. “This is a big, big, deal.”
Muir said that topographic challenges in the Northwest corridor of the state coupled with the site-ready nature of the Adairsville tract have already attracted considerable interest.
“We know that with that site we’re probably going to see some pretty fast, immediate results,” said Bartow County Commissioner Steve Taylor. “That property is ready to go. It’s got water and sewage. It’s flat as a pancake and it’s close to the interstate, so there’s no reason to think that it won’t develop fairly fast.”
Lemmon said she expects the property to sell off in less than 24 months. “There definitely have been people looking at it,” she said. “I don’t know that anyone is close to make a decision but it’s definitely generated some interest.”
Muir said it is conceivable to put 2.5 million square feet under one roof and have enough property left to put up another million-square-foot building.
Taylor said the Muir acquisition and development plan for the property could be big for the entire region. We find that a lot of people who do land jobs in Adairsville are from the neighboring counties.
“I think this could be a major job creator,” said Adairsville City Manager Pam Madison. “Certainly from the city’s perspective with our utilities it’s certainly going to be a nice revenue generator for us.” Adairsville operates its own water, sewer and natural gas system.
Muir said Madison and Lemmon have been tremendously helpful.
“We’re talking with five or six different groups. My guess is that we should be able to announce a couple of deals within the next couple of months,” Muir said. “We estimate delivering a fully built-out site by the end of 2020. Things are happening. I think things are going to happen much sooner than later.”
Taylor said he could not comment on any prospects for the site because of non-disclosure agreements.
Muir said he’s already got a handful of strategic private investors. One is Greg Gregory, founder of Industrial Development International, one of the largest industrial developers in the country. “Every deal I’ve done he’s been in,” Muir said.
Another major investor is the leadership group behind Rooker Real Estate Development and Construction Management, which is one of the largest speculative industrial developers in Georgia, Muir said.
“That gives us credibility; it gives us flexibility and it gives us the capability to build to suit which is ideally what we want to do,” Muir said. “I think we’re at the right place at the right time.”