A ProLogis representative tells GlobeSt.com "it is ProLogis' policy not to divulge value or rental information" on transactions. But area industrial brokers in a position to know tell GlobeSt.com the Atkins lease is for at least seven years at an estimated effective rent of $2 per sf. That would make the total value of the distribution center contract about $3.4 million.
In a prepared statement, David L. Welch, first vice president and metro-area market officer for ProLogis, says his company may be leasing more space to Atkins "as their business continues to grow." ProLogis has 180 acres available for potential future development of a total 3.5 million sf at the park, Welch says.
Atkins selected ProLogis Park Greenwood for its location. The company "has seen tremendous growth over the past two years and it became necessary for us to develop a strategically located distribution center," says Norm Stafford, senior vice president of operation for Atkins. Atkins Nutritionals provides retail outlets with "products and services based on controlled carbohydrate nutritional science," the company says in the same statement.
ProLogis Park Greenwood is located in the 122-building, 25.2-million-sf South Clayton/Henry County submarket, one of the metro area's strongest industrial sectors, according to current market data from locally-based Bullock Mannelly Partners Inc.
Bullock Mannelly puts the vacancy level at the ProLogis park prior to the Atkins deal at 58%. The vacancy level in the warehouse category of the South Clayton/Henry County market itself is 15.3%. The quoted rental rate is $2.71 per sf.
Yearend 2003 net absorption in this submarket was 2.2 million sf. "This is the greatest net absorption of all the submarkets," Erik Pawloski, research director, Bullock Mannelly Partners, tells GlobeSt.com. "In fact, the total net absorption for all submarkets was 1.6 million sf.
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