The 9.5-acre site is in the Interstate 85 corridor of Gwinnett County, 35 miles northeast of Downtown. The estimated hard construction cost of the five story, 135,533-sf building is $13 million.
The joint venture's first, Hillside I, a four-story, 103, 735-sf structure, was completed last June and is 100% leased by KMC Telecom. The telecom provider will also lease 51,825-sf on a long-term contract in Hillside II, a duplicate building to be completed in March.
The rental rate at the Huntcrest buildings is about $20.50 per sf. Hillside III will be about $21 per sf, Kerry Armstrong, senior vice president of Duke-Weeks Atlanta Office Group, tells GlobeSt.com.
Armstrong says the northeast I-85 corridor has become a prominent market and notes that some 500,000 sf of office space is online or will be available in the submarket. "The rate of absorption tells us that that amount of space is not out of line with demand in that particular market," he says.
M.D. Hodges is developing Hillside at Huntcrest, which may comprise 30 office buildings totaling 4.2 million sf; five hotels and two shopping centers.
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