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MetLife to build $110 million industrial park

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MetLife announced today that it will soon break ground on a 3 million square foot industrial park at a cost of $110 million. Named the “Lambert Farms Distribution Center,” the distribution space will be set up to accommodate up to two 1.5 million square foot facilities. 

The site will be located in Henry County, Georgia, 25 miles from downtown Atlanta. The project is expected to create 1,200 full-time construction jobs for a warehouse that will feature LEED certified buildings.

“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.”

Atlanta is just the first stop on MetLife’s warehouse building spree. The insurance behemoth also plans to set up distribution centers in Seattle, Chicago, the Inland Empire market of California and another project in the Northeast Atlanta sub-market. 

This investment move by MetLife mirrors that of Prudential, which invests in both residential and commercial real estate businesses. 
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