In a 51,000-sf, seven-year lease, Horowitz represented Atlanta Dental Co. in its expansion and relocation to ProLogis' 1650 Satellite Rd. property in Gwinnett County. That distribution center deal has an estimated aggregate value of $1.4 million, based on an average gross rent of $4 per sf, area brokers familiar with the submarket tell GlobeSt.com.
In suburban Norcross, GA, Horowitz negotiated for Spec-line Co. in its 22,064-sf renewal at the Northwoods business park. The five-year lease has an estimated aggregate value of $441,280 sf, area brokers estimate. The deal was done at this time "to take advantage of favorable market conditions," Horowitz says. Northwoods owner Bob Mobley represented his property in the transaction.
Horowitz and colleague Henry Sawyer teamed to represent Pak-Lite Co. in Suwanee, GA where their client purchased a 95,000-sf manufacturing facility at 550 Old Peachtree Rd. for $2.8 million or $28.95 per sf. Gordon Benedict of Colliers Properties, negotiated for the seller, Prudential Life Insurance Co.
In a separate transaction, Colliers Cauble's Jeff Kelley and Kathleen Burke negotiated for RMC Industries Inc. in the 26,000-sf relocation of its North American headquarters to One Glenlake in Atlanta's Central Perimeter submarket. That estimated five-year lease has an estimated aggregate value of $2.9 million, office brokers in the Sandy Springs submarket tell GlobeSt.com.
Wells Real Estate Funds II purchased One Glenlake last week from locally based Pope & Land Enterprises Inc. for an estimated $82 million, as GlobeSt.com previously reported. The estimated occupancy of the one-year-old structure is 72%, area brokers tell GlobeSt.com. RMC Industries, a subsidiary of London-based RMC Group PLC, relocated from One Decatur Town Center in suburban Decatur, GA.
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