The San Francisco-based REIT owns a total 5.1 million sf in the metro area already, plus additional unspecified properties in the airport area. The fifth 102,000-sf distribution building at Airport South is scheduled for completion in July.
The other four buildings are almost at 100% occupancy. Less than 40,000 sf remains vacant, according to a Seefried news release. Three additional 100,000-sf structures are expected to be built in the near future. The current rental rate in the park is $5.50 per sf.
Seefried is likely to continue developing and managing the park, as has been the case with other properties it has sold to AMB, one of its regular customers. AMB has bought three other industrial developments from Seefried--Atlanta South and Southfield Logistics Center in the airport vicinity and Suwanee Creek Distribution Center in Gwinnett County in the northeast quadrant.
The beginning of Hartsfield Atlanta International Airport's $5.4 billion expansion, a dwindling supply of land on the north side of town and less traffic congestion are putting industrial properties and land on the southside on investors' want list.
This month marked the start of Atlanta International Airport's 10-year expansion program, which includes a fifth runway. Industry brokers say the expansion is expected to create a strong demand for industrial space in the vicinity as companies' quarters are razed for the project.
Additionally, the hot I-85 northeast corridor is running out of space and developable land. Add to that factor the increased traffic that hampers the movement of trucks, and the southside, especially near the airport, is looking promising to developers and investors alike, say brokers familiar with that submarket.
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