Home appliances manufacturer Maytag Inc. has signed a five-year lease at an estimated aggregate value of $10.54 million. Average asking area rents are $3.88 per sf to $4.14 per sf, according to Christopher Shaner, a market analyst for Dorey Market Analysis Group in Atlanta.
The new distribution site will allow Newton, IA-based Maytag to consolidate its presence in the Southeast, according to a prepared statement from CB Richard Ellis Inc. which negotiated the lease for the retailer. Frank Geraci, Walt Chenoweth and Dan de la Paz in CBRE's Ontario, CA office, handled the transaction. Last year, Maytag merged with Amana, also a home appliances manufacturer.
The same CBRE brokers arranged a 390,000-sf transaction for a build-to-suit distribution facility at Covington Industrial Park in Covington Township, PA. Maytag signed a 10-year lease for the asset, also in an effort to consolidate its distribution facilities.
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