Locally based-M.D. Hodges developed the 3.1-million-sf Westpark business complex that encompasses 39 buildings in the Fulton industrial area and continues to own 37 of them. The Hodges-owned buildings at Westpark are 86%-occupied.
The Philips' leases are for three years. Hodges would not disclose the rental rate, but area brokers familiar with Westpark estimate the rental at approximately $4 per sf.
Access to the interstate highway system was a factor in Philips' decision to stay and expand in Westpark, according to a printed statement by Phillip Hight of Hodges, who represented the owner in the transaction. Philips has been a Hodges' tenant since 1983. Morando Berrettini of Aurora, IL-based Berco Realty represented Philips.
In a separate transaction, Chattanooga, TN-based Medical Management Professionals has leased 7,200 sf at 1640 Airport Rd. at Barrett Distribution Center, a 1.2-million-sf property in Cobb County that Hodges purchased less than two months ago. Hight represented the owner. MMP is in the medical billing business.
Meanwhile, Indianapolis, IN-based Heritage Crystal Clean leases 25,838 sf for five years at 5100 Tulane Dr. in Atlanta Gateway Park, another Hodges' property. The tenant is a parts-cleaning and environmental-services-management company. Parn Chantha of the Atlanta office of CB Richard Ellis represented Heritage. John Tugman of Hodges spoke for the owner.
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