Wharton Industrial Announces $80 Million Sale of 1 Million SF Warehouse it co-Developed, Leased to Major Clothing Brand
Atlanta, GA. – (Nov. 25, 2020) Wharton Industrial announces they have sold their 1 million square foot development project in Atlanta, GA to Granite Real Estate Investment Trust for $80 million. The Property is fully-leased to PVH Corp., the company behind clothing brands including Calvin Klein and Tommy Hilfiger. The recently-completed building was developed and built by Wharton Industrial, Red Rock Developments and an affiliate of Starwood Capital Group.
PVH Corp. has signed a 20-year lease at the distribution building, which is part of an industrial real estate project along Interstate 85 just south of Atlanta called Shugart Farms. Jones Lang LaSalle provided advisory services to the owners.
PVH invested $77.6 million into the distribution center and warehouse. The company will create 575 jobs, according to a release. In a statement Thursday, Gov. Brian Kemp’s office said the project will bring more business to the Port of Savannah.
PVH, formerly known by the brand Phillips-Van Heusen, has six divisions including Calvin Klein North America, Tommy Hilfiger North America and Heritage Brands Wholesale.
Wharton Industrial is a platform company of Wharton Equity Partners, a New York City-based real estate investment firm founded in 1987. Since the formation of Wharton Industrial in late 2017, the firm has been involved in approximately $400 million of transactions (and almost 5 million SF), focused on the development of large distribution centers in the southeast US and the acquisition and repositioning of last mile industrial facilities along the Eastern seaboard.