Northwestern Mutual Life Insurance Co. of Milwaukee sold the 14-building Barrett Distribution Center and Kennestone Corners to Hodges for $52 million or $41.94 per sf.
"So far, this is the largest industrial sale in Atlanta for 2002," Phillip Hight, a spokesman for M.D. Hodges, tells GlobeSt.com. "This is the first major acquisition of existing buildings our company has done in its 40-year history. It makes us the largest industrial landlord in Cobb County overnight."
The company plans to use proceeds from recent land and industrial sales to acquire the facilities. The firm this year plans to continue acquiring properties locally and nationally, Hight says.
The Barrett facility is 98% leased to several tenants, while Kennestone is 73% occupied, Hight tells GlobeSt.com. The first building at Barrett was delivered in 1992, while construction on the first phase of Kennestone began in 1985.
The biggest tenants within Barrett are Kawasaki (60,000 sf) and Microbilt Training Services (50,000 sf). Kennestone's largest space users are Mingledorff's and Graybar Electric Co. Hal Breedlove, Chris Riley and Brad Rodgers of Trammell Crow Co. represented Northwestern in the sale transaction.
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