Hurricane Alcovy Group Pays 50 Cents Per SF for Park Dirt

ATLANTA-What could turn out to be the savviest land purchase of the year is happening in Gwinnett Progress Center, a 16-year-old, 1,500-acre business park northwest of Downtown.

Locally based Hurricane Alcovy Investments, Genoa Realty Services Inc. and developer Julian LeCraw have purchased almost half the park (608 acres) for $13.3 million or $21,875 per acre (50 cents per sf).

They plan to sell individual parcels to developers and companies seeking to set up headquarters in the park. The buyers couldn’t be reached at GlobeSt.com’s publication deadline for comment on their near-future plans or the asking prices of their tract.

But area brokers familiar with the Gwinnett submarket and its land prices tell GlobeSt.com the investors made a huge buy.

“Where can you buy developable dirt today for 50 cents a square foot?” one broker tells GlobeSt.com on condition of anonymity. “Even if they mark it up 30%, they’re going to get a great return, and a fast return on their equity.”

Triad Properties of Huntsville, AL is reported to be negotiating for 100 acres. The 608 acres are in the western and southern parts of the park, near the Gwinnett County Airport. Park tenants include Publix Supermarkets Inc. of Lakeland, FL, Ricoh Electronics, Kodak, and Frito-Lay.