With many of the industrial facilities in Conyers considered functionally obsolete and 60% of the market inventory comprised of owner/occupiers (nearly half of the buildings are metal construction), Twin 1 was well received at the time in submarket.
Development: Twin Creeks Business Park
In July 2005, Ashley Capital acquired a 200-acre industrial site, just north of I-20, in Conyers, Rockdale County, Georgia. After site planning and regulatory approval were completed, Ashley embarked on a phased industrial development program, starting with the construction of a 150,000 SF industrial building, Twin Creeks Business Center 1 (“Twin 1”). Twin 1, completed in 2008, features: 28’ clear heights, 52’ by 48’ column spacing, 38 loading docks, ESFR sprinkler system, and 129 car parking and 40 trailer staging spots. With many of the industrial facilities in Conyers considered functionally obsolete and 60% of the market inventory comprised of owner/occupiers (nearly half of the buildings are metal construction), Twin 1 was well received at the time in submarket.
As the economy recovered in 2013, Ashley began a build-to-suit for a 500,000 SF industrial/corporate office facility for Hill Phoenix, Inc., a subsidiary of Dover Corp. Ashley sold the building for an undisclosed amount to Ladder Capital in August 2014, and immediately began the next phase.
Twin Creeks Business Center 2 (“Twin 2”), a 175,000 SF industrial building, was completed in 2016. Twin 2 features: 28’ clear height, 52’ by 48’ column spacing, 46 loading docks, ESFR sprinkler system, and 136 car parking and 40 trailer staging spots. Upon completion, Golden State Foods, an existing tenant of Ashley’s, signed a 15-year lease for the entire building.
Twin Creeks Business Center 3 & 4 (“Twin 3 & 4”), two industrial buildings totaling 480,000 SF, were completed in 2018. Twin 3 & 4 feature: 32’ clear heights. 48’ x 50’ column spacing, 60’ staging bay, 60’ concrete truck apron, T5 lighting, ESFR sprinkler system, 46 dock-high doors per building, and 4 oversized loading doors per building.
Tenants in the Park include: Atlanta Electrical Distributors, Golden State Foods, IES Communications, Lesaint Logistics, Lexicon Technologies, and SKC, and Pratt Paper.
With construction complete on all four buildings and tenants secure in the park, Ashley Capital was able to consolidate and refinance its existing loans in 2019 with a new long-term fixed rate loan from Allianz Life Insurance Company of North America.