Stonemont secures $43 million for Atlanta-area industrial project

Stonemont Financial Group has secured a $42.5 million construction loan for Stonemont Park 75 South, a 903,701-square-foot industrial development located in Locust Grove, Georgia, near Atlanta. Principal Asset Management provided the financing and JLL Capital Markets negotiated the transaction on behalf of the developer.

Stonemont acquired the 113-acre site in January 2023. Once completed, the industrial park will include three rear-loading buildings ranging from 124,800 to 538,720 square feet. The structures are expected to feature clear heights between 32 and 40 feet, 143 dock-height doors, 130-foot truck lots, 280 trailer parking spaces and 645 car parking spaces.

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Located at 75 Pine Grove Road, the site is off Highway 42 and has access to Interstate 75. The upcoming property will be approximately 35 miles south of Atlanta, as well as approximately 33 miles from Hartsfield Jackson Atlanta International Airport.

JLL’s debt advisory team included Senior Managing Director Gregg Shapiro and Senior Director Dan Kearns, alongside Vice President Kelsey Bawcombe and Associate Hunter Rich.

Atlanta’s Industrial Construction Pipeline

At the end of the first quarter, Atlanta had 26 industrial projects underway totaling 12.3 million square feet and representing 2.2 percent of total inventory, according to data from CommercialEdge. Metro development was on an upward trajectory, marking a four-fold increase year-on-year. However, Atlanta has seen a decline in deliveries, with only seven industrial facilities completed in the first three months of 2024, totaling 1.8 million square feet.

One industrial project nearing completion in the Atlanta area is Alliance Industrial Co.’s 117,306-square-foot Factory Shoals distribution center. Cushman & Wakefield has been chosen as the exclusive leasing broker for the development, which is scheduled for delivery in the third quarter of 2024.