Ashley Capital Lands 356,000-SF Tenant

ATLANTA-Ashley Capital, a New York-based real estate investment firm that picked up the 30-year-old, 425,000-sf redeveloped Conyers Distribution Center for a song last year, has landed a trophy tenant in Bio-Lab Inc. of Decatur, GA, reputed to be the world’s largest provider of water treatment products for recreational and industrial markets.

John Crawford led a Grubb & Ellis Co. team that negotiated for Bio-Lab on the leasing transaction. Bobby Mayson of Lavista Associates, Atlanta and Mason, formerly with Hart Corp., represented Ashley.

Ashley signed Bio-Lab to a 5 ½-year lease with an estimated aggregate value of $5.78 million. Asking average rent at the 84%-leased park is $2.95 per sf. Bio-Lab plans to occupy the entire center by Jan. 2004, Kent Mason, newly named director of Ashley Capital’s Southeast office, tells GlobeSt.com. Mason says Ashley is scouting for additional industrial and office properties that can be redeveloped in metro Atlanta and the Southeast.