Atlanta developer seals deal on 220-acre site in Adairsville

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.”

Mannington Mills coming to Covington

Mannington Mills coming to Covington

Since 2012, when the plant closed its doors for good, the buildings at 9172 Industrial Dr., N.E., formerly Berry Plastics, have been slowly deteriorating.

That’s about to change. Dave Bernd, Vice President of Economic Development for the Covington/Newton County Chamber of Commerce announced two local Atlanta real estate developers had purchased the property and will be hiring local contractors to help renovate the 326,000-square foot-building and would be hiring local contractors to help renovate the property.

Phillip Hight of Hight Property Group and his partner Price Muir of WPM Commercial, Inc. purchased the site and have leased two-thirds of the main building’s space to Mannington Mills. The flooring company will use the Covington facility for storage and distribution.

“When we first walked up to the building, we saw there was deferred maintenance,” said Hight, “but once we walked in, we could see the potential.”

Hight said the property’s location on 39-acres off the I-20 corridor, served by an onsite rail system, was ideal for manufacturing and industry. Properties suitable for large manufacturing or industrial businesses are scarce, he said, adding that he and his partner are actively looking for more property in the Covington area for development.

The plant was built in 1967, and was recently purchased by an investment firm, which in turn prepared it for Mannington Mills, which is also opening a manufacturing plant in Madison.

The building features several loading docks, access to I-20 and has railway on premises. The building is also the only 100,000 square feet space available in Newton County.

Berry purchased its Covington plant in 2007 to serve as a strategic location in the Southeast. The Covington plant previously produced industrial trash liners and bags as well as plastic stretch film, like the film used to wrap large packages. Large corporations, including Con Agra, Kraft and Wal-Mart, use products made in Covington.

Berry Plastics roduced around 100 million pounds of film per year as of May 2010, according to a previous article in The News. The company employed just fewer than 200 workers at that time.

Production from the Covington facility was transferred to Berry facilities in Kentucky, Tennessee, Oklahoma and Belleville, Ontario in 2012.

The plant was previously owned by Mobil Oil Corporation, which located in 1967. Mobil's facilities were eventually split between Berry and Pactiv Corporation.

Berry Plastics building to house new distribution center

Berry Plastics building to house new distribution center

COVINGTON — The Covington-Newton Chamber of Commerce announced Thursday that a manufacturing company has leased a major portion of the abandoned Berry Plastics building at 9172 Industrial Drive in Covington for a distribution center.

Phillip Hight of Hight Property Group in Atlanta told reporters and attendees of a press conference that his firm and a partner, Price Muir of WPM Commercial in Atlanta, have made a deal with Mannington Mills, a commercial and residential flooring company based in Salem, N.J.

Mannington Mills is expanding its manufacturing facility in Madison, bringing more than 200 jobs to Morgan County. Hight said the renovated Berry facility will serve as a distribution center to support that production.

Hight recalled that when he and Muir visited the Berry building, its deteriorating exterior appearance was a little discouraging.

“Once we walked into the the building, we immediately could see the potential,” Hight said. He estimated that approximately $2 million would be invested to get the site fully operational.

He cited numerous factors that make the site desirable for industrial uses, including the proximity of Interstate 20, onsite rail access, the number of potential employees in the area and the general quality of life in Covington.

David Bernd, vice president of economic development for the Chamber of Commerce, pointed out that metro Atlanta represents 2.4 million residents within a 45-minute drive from Covington, a factor that is very attractive to industries.

Hight said he cannot estimate at this time how many jobs the new distribution center would bring to Newton County, nor the tax revenue. Bernd estimated that tax revenue would be significant, given the scope of the project and the new appraisal it would generate.

The site provides 326,000 square feet of space, and Mannington is leasing 312,000.

“The balance of that space is available, and we have a couple of other prospects,” Bernd said.

Hight praised the Chamber of Commerce development team.

“I work with a lot of economic development people, and this is as good as it gets,” he said.

“We’re very blessed to have all these assets in our community,” Covington Mayor Ronnie Johnston said. “What’s going to happen in the community in the next five years — it’s a good time to be mayor.”

Berry Plastics purchased the space in 2007 and at its peak production in 2010 to 2011 employed approximately 200 workers. Berry closed the operation in January 2012.

According to Bernd, the facility was beginning to deteriorate with “deferred maintenance” and the Chamber and city welcomed the opportunity to work with Hight and Muir to make it productive again.

WPM-Hight JV Scores Big Industrial Tenant

WPM-Hight JV Scores Big Industrial Tenant

An industrial partnership has struck gold again, this time in Covington. WPM Commercial and Hight Property Group just leased 207k SF to Mannington Mills, a flooring company, for five years at 9172 Industrial Dr. The 326k SF facility was previously owned by Berry Plastics, which vacated the property in 2012. The JV just purchased the 37-acre property off I-20 East and pumped $2M into renovations that ultimately lured Mannington Mills, says WPM's Matt DiLeo (right, with WPM's Price Muir, center, and Hight's Phillip Hight). 

1-million square foot industrial sale in East Point

1-million square foot industrial sale in East Point

Two East Point industrial buildings that contain almost 1 million square feet of warehouse and office space have traded hands once again, this time for more than $13 million.

The buildings at 2251 Sylvan Road (more than 730,000 square feet) and 1122 Milledge Street (270,000 square feet) have a long sales history in the industrial markets. The Sylvan Road building once housed Big Star before the grocer exited the market in the 90s. Ford Motor Co. once used the 1122 Milledge Street building for its parts distribution center.

In the latest transaction, Boles Family Partnership sold the two buildings for $13.9 million to a partnership led by Price Muir of WPM Commercial lnc.

Boles will continue to lease the property.

The transaction underscored that even some older industrial properties within the Airport submarket just south of Langford Parkway are drawing attention from investors seeking steady rental income. WPM Commercial saw the transaction as a long-term investment.

Mike Chambers, Jack Haden and Brad Pope of NAI Brannen Goddard LLC brokered the deal. Brannen/Goddard has been involved with the building since the 90s, selling it for different owners.

Past owners have included Prudential and Mimms.

WPM Buys I-20 Warehouse

WPM Buys I-20 Warehouse

WPM Commercial's Price Muir has picked up another another Atlanta property for an undisclosed price: 3658 Atlanta Industrial Dr, a 120k SF warehouse off I-20 West. The building had been acquired by Stream Realty Partners and DRA Advisors as part of a more than $380M, 9.6M SF industrial portfolio from Weingarten Realty Investors last year. Stream's Matt DiLeo repped the sellers while Lee & Associates' Craig Viergever and Taylor Smith brokered for the buyer. Price may be targeting the right submarket at the right time. According to Colliers International, the I-20 West market and Fulton Industrial has seen decent activity, with nearly 1M SF absorbed this year. Last year, Price bought two warehouses by Hartsfield-Jackson Atlanta International Aiport for more than $13M (reported here).

What's Muir's Price?

What's Muir's Price?

There's a reason WPM Commercial is focused on intown industrial: They're just not making any more of it. That's part of the investment strategy behind WPM's Price Muir. We caught up with Price yesterday about his recent acquisition, 3658 Atlanta Industrial Dr, a 120k SF warehouse off I-20 West (reported here), and what he's looking for in general. "My strategy is Intown, like I've always done," he says. (Stay where you know, no reason to wear out the GPS.) "On a larger scale, I'm bullish on industrial across the metro area."

With 3658 Atlanta Industrial, Price says one of the reasons he targeted that asset because of its proximity to Charlie Brown Field airport and Majestic's planned massive industrial complex that could--maybe--someday soon be home to the  1M-plus SF Kroger distribution center (see our story here). To him, the supply of Intown industrial isn't being added to, and in some cases, when the housing market returns, the Chattahoochee industrial area could be converted to homes and residential, making whatever industrial properties around the area even more in demand.