The value of the contract wasn't disclosed; however, local industrial real estate brokers familiar with comparable properties tell GlobeSt.com the fee will probably be based on a flat retainer plus leasing progress at the 63%-rented, 96,000-sf distribution center at 5163 Old Dixie Highway.
OA Development had managed the building itself before selecting Advantis, Don Reeves, regional director of management services at Advantis, tells GlobeSt.com. The average asking rent range is $4.50 per sf.
Advantis has leased the property for OA Development since it was built in 2001. "We could not have chosen a better property as our initial management foray into the dynamic Airport/South Atlanta industrial submarket," Reeves says.
Advantis/GVA leases and manages 30 million sf of commercial facilities. The company also posts annual average construction volume on retail and other commercial real estate projects of over $1.4 billion. St. Joe Co. of Jacksonville, FL is the parent of Advantis/GVA.
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