The REIT will begin construction in February with expected delivery by summer. The park is in the I-85 northeast corridor. Rental rates in the area range between $3.50 per sf to $6.25 per sf.
The Indianapolis-based REIT has fully pre-leased the first structure in the park. Sears Logistics Service signed a five-year lease for the entire 506,000-sf bulk distribution building scheduled for completion in January when Sears will move in. The estimated value of the lease is $12 million.
Duke-Weeks plans several buildings in Braselton Park which it acquired earlier this year. The first phase will comprise 1.5 million sf. Overall, Duke-Weeks will develop 500 acres into five million sf of industrial space in the town of Braselton, 30 miles northeast of Downtown Atlanta.
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