Rodney Davidson, first vice president and market officer for ProLogis in Atlanta, says the New Manchester lease is the Denver-based developer's first assignment with JVC. "The company's brands are recognized worldwide, and we hope to leverage our global platform to serve their future distribution space needs," Davidson stated in a release issued early Tuesday morning. He was not available for further comment later.
JVC of America, a subsidiary of Victor Co. of Japan Ltd., is a leading developer of audio and video products. In addition to its broad range of consumer electronics, its media products include compact discs, digital video discs and videotape.
New Manchester is a freestanding distribution facility on Atlanta's west side, near the suburb of Douglasville, with convenient access to I-20 and the city's Interstate 285 perimeter. ProLogis expects the location to enhance JVC's distribution network within the Southeast, Davidson said.
ProLogis is the largest industrial landlord in the Atlanta metropolitan area, with approximately 19 million sf of distribution space in 122 facilities either owned, managed or in development. Major tenants in the area include Home Depot Inc., LG Electronics Inc., Petco Animal Supplies Inc., APL Logistics Ltd. and Subaru of America Inc.
The JVC lease should provide a substantial boost to Atlanta's industrial space market, which had 11.4% vacancy through the first quarter, according to CB Richard Ellis Inc. The vacancy rate for distribution space in the market was 13.6% in that time frame.
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