CBRE has announced the sale of 56.8 acres of land in Gainesville, Georgia, which will soon be home to Gainesville 85 Business Center, a two-building, 585,900-sq.-ft. industrial park. The Gainesville and Hall County Development Authority sold the land for an undisclosed price.

Todd Barton, Mark Hawks, Joanna Blaesing and Matt Higgins of CBRE’s Industrial Properties group in Atlanta represented the buyer, Chicago-based Logistics Property Company, and will be leasing the project.

Located just off Interstate 985, Gainesville 85 Business Center will include two Class A distribution facilities ranging in size from 251,100 sq. ft. to 334,800 sq. ft. Expected to deliver during the fourth quarter of 2023, the project will include 32-foot clear heights, 128 trailer spaces, 422 auto parking spaces, direct access to State Highway 60 and 129 and strategic access to Interstate 985 and the future Northeast Georgia Inland Port.

“The I-985 corridor continues to attract a variety of companies looking for modern facilities, a growing population and an excellent amenity base,” said Mr. Barton, Senior Vice President at CBRE. “LPC built its first project on the I-985 corridor two years ago, which was fully leased soon after delivery. We expect this project to see similar activity.”

As of the end of 2022, Atlanta’s Northeast/I-85 submarket, which includes Gainesville, had a vacancy rate of 5.5% and approximately 7.6 million sq. ft. of year-to-date net absorption.