An 825,000-square-foot Class A speculative industrial development in Jackson is making progress.
Waterloo Partners and ICM Asset Management, with the assistance of its capital advisor, Patterson Real Estate Advisory Group, have secured a construction financing loan for River Park 10.
The construction loan was a syndication of Trustmark National Bank and Coastal State Bank, while the joint venture equity was provided by Sweid & Sweid, according to a press release.
The development, located in the I-75 South corridor, has direct access to both Atlanta and Savannah.
This will be the second project Waterloo and ICM will jointly develop in the River Park E-Commerce Center master development. River Park 6, a 725,000-square-foot industrial development, was delivered in Q4 2023.
“We love the dynamics of the Atlanta industrial market, especially the I-75 South corridor, which has become one of the hottest industrial submarkets in the city,” Spencer Patton, ICM Partner and Managing Director, said in the press release. “River Park’s location along I-75 South allows the property to benefit from Atlanta’s population centers, skilled labor and infrastructure while also being an extension to the Port of Savannah, which has become the fastest growing port in the nation.”
Vertical construction will begin immediately.
“Closing a transaction of any scale is difficult in the current capital environment,” said Bill Mealor, Managing Director and Partner at Patterson Real Estate Advisory. “Closing a bulk, speculative industrial deal like River Park 10 is a testament to the durability and fundamentals of the location, the creativity of the capital partners, and the strength of the development team. We are confident that this project will be another success for the sponsors.”
Expected to be delivered in Q3 2024, River Park 10 will be an attractive option for logistics- and distribution-focused tenants, according to the announcement.
“With limited construction starts in 2023, we anticipate supply constraints in the market when River Park 10 delivers in 2024, likely being one of only a few options for industrial buildings of this size,” said Brad Jancik, Principal at Waterloo Partners. “We like the competitive positioning and anticipate seeing continued rent growth.”