MetLife announced this week that it will be developing a new industrial distribution park near Atlanta, a $110 million project dubbed the Lambert Farms Distribution Center. The large-scale industrial park will sit on 183 acres and offer up to 3 million square feet of distribution space, accommodating up to two 1.5 million square foot facilities. MetLife is developing the new project with Panattoni Development Company, a privately held, national developer based in Newport Beach, California; MetLife will be the majority partner while Panattoni will be the managing member.
"The Lambert Farms development in the Atlanta area shows that MetLife is further diversifying its real estate equity holdings by adding a high quality industrial asset to our portfolio," said Robert Merck, senior managing director and global head of real estate for MetLife. "Nationally, we think the long-term growth factors for industrial markets in core cities are very positive, and we are excited to have an experienced partner with national reach in Panattoni Development."
The development will feature LEED certified buildings, clear heights of 36 feet and truck court depths of up to 240 feet, making the facility attractive to a wide variety of corporate tenants, The $110 million development is the latest in a string of high-profile economic development projects to be announced for the region's Southside, including a Kroger distribution center at Fort Gillem and the new North American headquarters of Porsche at the former Ford plant, according to an Atlanta Journal-Constitution article.
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