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NEWNAN, GA-A
Dallas-based
partnership between
the PNL Cos. And
Chris Cooper has
acquired 130 acres
of commercial
property in the
Newnan Crossing
area. Plans call for
the development of
retail and office
space on the site.
PNL managing
director of
investments Dan
Levitan tells
GlobeSt.com that the
land is zoned half
for commercial use
and half for office
use. The first
phase of the project
will be a big box
retail development.
The company is in
negotiations with a
retailer and expects
to begin
construction within
six months on the
project. "That
will be the kick-off
project," Levitan
says. "The
office project would
be the second phase.
The office market is
developing and will
take a few years to
develop the
project."
Levitan declined to
reveal to
GlobeSt.com the land
price or the
estimated cost of
the project.
Levitan and Cooper
are bullish on the
development
potential of the
site due to its
location, historic
charm and the amount
of new and
affordable housing
in the area.
The site, located
southwest of Atlanta
at Interstate 85 and
Highway 34, has seen
rapid growth in
recent years due to
its proximity to
Atlanta and the
Atlanta Hartsfield
Airport. The
downtown areas still
has a lot of Civil
War-era buildings
from the 1830s and
1860s, which gives
it historic
significance.
"It's a node of
future development,"
Levitan says.
Now that the
rooftops are coming
in, the commercial
projects are
starting to come in,
too."
For example, the
site is surrounded
by new regional
shopping and major
residential
development and is
in close proximity
to a 500-acre
industrial park and
regional airport.
A new open-air
lifestyle center and
Kroger-anchored
shopping center are
also located
adjacent to the
property. "The
partnership plans to
capitalize on the
area's explosive
growth to develop
both retail space
and office buildings
on the property,"
Cooper says.
The PNL Cos.
Provides venture
capital for land
development and
repositioning of
existing buildings
throughout the
country. This
is the third major
investment by the
firm in the past
month. The
company also
acquired 747 acres
in Katy, TX in July
and 736 acres in
Aledo, TX last week.
"The commercial side of it
is still developing," Hawes
said. |
