The long-term lease, estimated for at least 10 years, is aggregately valued at $7.4 million, based on average rents of $4 per sf, area brokers familiar with the Newnan submarket tell GlobeSt.com on condition of anonymity.
The building, which is being developed by First Fulton Associates, will be part of the Shenandoah Industrial Park in Coweta County. Construction began in July. It is expected to be ready for occupancy by March, according to Eric Danielson, senior managing director of the San Francisco office of Julien J. Studley, Inc., which represented the tenant.
Dan Patillo of First Fulton negotiated for the owner. The park is being developed by Coweta County.
U.S. Can will make commercial grade plastic containers at the facility. The company plans to consolidate its Morrow, GA and Newnan facilities into the new building at Shenandoah.
"This project speaks not only to Coweta County and the Newnan market and its proximity to Atlanta, but also to the pro-business climate in that area," Danielson tells GlobeSt.com. "A key reason U.S. Can stayed in Coweta County was the quality of the labor pool. We evaluated six counties south of Atlanta and the labor pool kept coming back as a key reason to find a site and stay in Coweta."
Oakbrook, IL-based United States Can is a wholly owned subsidiary of the U.S. Can Corporation. The company manufactures steel containers for personal care, household, automotive, paint, industrial and specialty products in the U.S. and Europe, as well as plastic containers in the U.S.
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