NewStar Development Announces McEver 985 Distribution Center in Northeast Atlanta, Georgia

ATLANTA, April 25, 2022 /PRNewswire/ -- NewStar Asset Management ("NewStar" or the "Company") announced today that through its subsidiary NewStar Development the Company has closed on 13.1 acres in Oakwood, Georgia planned for the development of an approximately 215,000 square foot institutional quality distribution center to be called McEver 985 Distribution Center (the "Project"). Key project specifications will include 32' clear heights, 185' truck court, 34 dock doors, 2 drive-in doors, 25 trailer parks and 130 auto parking spaces.

The Project is located one minute from I-985, 15 minutes from the new Georgia Ports Authority Northeast Georgia Inland Port, and approximately 55 miles northeast of downtown Atlanta, Georgia. 80% of the U.S. population and 79% of the nation's 150 largest metro areas are accessible within a two-day drive, and the total labor force within 25 minutes is more than 400,000.

Jason Frost, Executive Vice President for NewStar, is leading the Project. "McEver 985 will be a state-of-the-art industrial distribution facility positioned to serve local markets of the Atlanta MSA as well as regionally and nationally thanks to extensive immediately accessible transportation infrastructure," Mr. Frost said. "We are excited to have closed on our purchase of the site and look forward to commencing construction this Summer."

Construction is expected to begin in the third quarter to deliver in Spring of 2023. Scott Plomgren with Colliers International is leasing the Project and Ameris Bank is providing construction financing.

For more information on McEver 985 Distribution Center, please visit www.mcever985.com.

About NewStar: NewStar Asset Management is a real estate-focused alternative investment and asset management company based in Atlanta, Georgia. For more information visit www.newstar-am.com.

SOURCE NewStar Asset Management