Greenberg Gibbons Properties (GGP) is working with Tribek on a 750,000-square-foot industrial park off Pitts School Road in Concord. The park will span over 80 acres and include six total buildings.

Tribek is leading development of a 392,000-square-foot speculative industrial building there. GGP is developing five shallow-bay buildings totaling 358,000 square feet. A retail element is expected to eventually be part of the project as well. Tribek has several retail outparcels at the site.

The Charlotte Business Journal reports the two companies paid a combined $12 million for the land.

Landmark Builders is leading construction efforts. McMillan Pazdan Smith is the architect for the project. Oak Engineering is the civil engineer.

JLL’s Brad Cherry, Matthew Greer and Jay Hill are leading leasing efforts for Tribek’s building. The leasing of GGP’s buildings is being led by CBRE’s Alek Salfia, Bryan Crutcher and Anne Johnson.

CapRock Partners said Building 1 at CapRock Central Point III in Visalia has completed the tilting of the building’s concrete panel walls, forming its exterior structural shape. Moving ahead of its original development timeline, Building 1 is now slated for completion in summer 2024.

The 1,270,750-square-foot, Class A speculative logistics and distribution facility encompasses approximately 75 acres within the four-building CapRock Central Point III, which is a part of CapRock’s larger five-million-square-foot Central Point masterplan.

“Building 1’s concrete walls are now tilted and the roof structure started, revealing the true magnitude and scale of CapRock Central Point III, and signifying Visalia’s rising importance as a critical distribution and logistics hub in the West,” said Bob O’Neill, SVP, acquisitions at CapRock Partners. “Designed to serve Fortune 100 corporations seeking a state-of-the-art industrial complex accessible to a large percentage of the West Coast’s population, CapRock Central Point III is drawing interest from leaders in logistics as well as food processing and manufacturing.”

JLL’s Mike Fowler, Mike McCrary and Mac Hewett lead the leasing efforts for CapRock Central Point III.

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A developer is planning on taking the risk of speculative office construction in the height of the coronavirus pandemic, betting that the appeal of working in a single-user building converted from a former Coca-Cola bottling plant in Atlanta’s historic Old Fourth Ward neighborhood will make its bet pay off.

Courtesy of Capital Real Estate Group

Rendering, by Atlanta architectural firm ASD | Sky, for the adaptive reuse of the former Coca-Cola bottling plant in the Old Fourth Ward.

Charlotte-based Asana Partners is readying to kick-start the conversion of the 100K SF former bottling plant at 560 Edgewood Ave. into an office building that will deliver in 2022, Capital Real Estate Group founder Bennett Gottlieb said.

Gottlieb’s firm has been tapped by Asana to lease the property, which sits along the BeltLine Eastside Trail. Gottlieb said the project is unusual for adaptive reuse in Atlanta, where former warehouses and strip centers become mixed-use projects, but typically don’t offer office footprints bigger than 50K SF.

“If you’re a tenant in that size range, there aren’t single-tenant opportunities in the Old Fourth Ward,” he said.

Despite the economic fallout from the pandemic, Midtown, both Eastside, where the Old Fourth Ward is located, and Westside has remained active with office users looking for space. Last month, email marketing firm MailChimp announced that it would anchor New City’s $300M 760 Ralph McGill Blvd. development with a 300K SF lease. MailChimp was one of two major leases inked in Metro Atlanta during the third quarter.

“These notable deals represent the ongoing attraction of metro Atlanta for companies to locate and expand, despite the pandemic,” Colliers International officials wrote in a recent report. “This is further validated by the Metro Atlanta Chamber of Commerce’s pipeline of projects. When recently asked about their outlook for business activity in the region, leaders have noted they have never been busier with prospects.”

Gene Kansas Commercial Real Estate founder Gene Kansas, who specializes in leasing historic and adaptive reuse properties in Atlanta, said these projects have been relatively unaffected by the coronavirus-caused office leasing slowdown. The activity has encouraged developers to move forward with adaptive reuse projects during the pandemic.

“It’s not just, ‘Well, we think someone will like this,'” Kansas said. “We’re getting the phone calls.”

This is Asana’s latest move into Atlanta’s trendy neighborhoods with adaptive reuse projects. The firm purchased both the iconic Krog Street Market and Stove Works back in 2018. And this past March, Asana bought Brickworks, a 194K SF adaptive reuse project at the corner of Marietta Street and Howell Mill Road.

Gottlieb said one of the potential draws to 560 Edgewood, is its location in a qualified opportunity zone. While Asana didn’t take advantage of raising funding from an opportunity zone fund for the project, Gottlieb said, the developer sees the designation as an added incentive for potential tenants, who can claim a tax break for locating in the area.

Gottlieb said single-tenant office projects in hot Midtown neighborhoods also will gain more popularity in a post-pandemic world, especially when companies will have the ability to control access to the space.

“[Tenants] are formulating plans related to their re-entry to the workplace, and control seems to be the most important thing,” he said. “When you’re in a big mixed-use building, control is harder to accomplish.”