(Read more on the industrial market.)
PEACHTREE CITY, GA-TDK Electronics Corp. has sold a 269,000-sf manufacturing and distribution facility at 611 Highway 74. The acquisition price was not disclosed, but real estate sources put the price tag at north of $6 million.
Sutton & Edwards/TCN Worldwide senior executive director Gus Nuzzolese tells GlobeSt.com that the building is a combination of a manufacturing, warehouse and assembly facility. TDK Electronics decided to sell the building to free up capital for other purposes. Under the deal, TDK is leasing back approximately 100,000 sf in the building, which is about 40% occupied. "We aggressively marketed the property and there were several interested buyers," Nuzzolese says.
Nuzzolese and Chet Lacy, senior vice president with Richard Bowers and Co./TCN Worldwide, represented TDK Electronics Corp.--a division of Garden City, NY-based TDK Corp. The buyer was a locally based investor named John Tiernan.
The buyer plans to conduct extensive renovations to the property in order to lease up the free space or possibly convert it into industrial condominium space. The building is located in an area that is largely residential and the buyer considered converting it to another use, but decided against it. "This is an industrial building in a residential area, there is solid demand for users," Nuzzolese says.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
