The buyer is a group of unidentified California investors listed with the office of the Georgia Secretary of State as Hickman LLC and HMI Buford LLC. According to published reports, Phil Jackson, coach of the Los Angeles Lakers, is among the investors.
The property is on I- 985 in Buford, GA, four miles from I-85 and GA 20 in north Gwinnett County. The park "can accommodate four million sf and is scheduled for a seven-year build-out," Lisa Ward, IDI's vice president of leasing, tells GlobeSt.com.
It is the only completed complex on the 250-acre industrial park. IDI purchased the land last summer for an undisclosed amount. Personnel of Delray Beach, FL-based Office Depot moved in this March.
"We plan to build a 300,000-sf, rear-loading, spec building, beginning, hopefully, this fall," says Ward. "However, we're waiting to see a couple of anticipated bulk deals take place in the northeast area, before we commit."
IDI has completed the first phase of development which includes Mill Center Parkway through the 250 acres and three graded pads, ranging from 125,000 sf to $250,000 sf, "ready to go on a fast track, if there's a tenant," Ward says.
The rental rate on industrial space in Gwinnett County is about $5.50 per sf, according to GlobeSt.com research. Dallas-based Lincoln Property Co. represented Office Depot in the early-2002 lease transaction.
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