Apparently Hershey has vacated the facility, and First Industrial has landed a 182,000-sf lease with Atlanta Bonded Warehouse Corp., a third-party logistics provider. David Nixon and Chad Burd of CB Richard Ellis, as well as Jack Haden of NAI Brannen Goddard, assisted with the lease. The value of the six-year agreement was not disclosed.
At the time of the acquisition of 7060 Battle Drive, First Industrial had stated its plans to reconfigure the property to suit the needs of two or three customers if its tenant ever moved out, but did not have the authorization to discuss Hershey's plans. Now, all of the warehouse space is available, except for the space taken by Atlanta Bonded Warehouse, Tommy Hiles, marketing and leasing director for First Industrial, tells GlobeSt.com. Leasing rates at the available space at 7060 Battle Drive are quoted at $4.25 per sf triple net, he says.
The property is located in Kennesaw, GA, part of the I-75 Northwest submarket, which has an 11.5% vacancy rate and the third-highest leasing rates in Atlanta, according to the latest CBRE market report. It was built in 1999 and purchased by Hershey shortly after, David O'Reilly, investment officer for First Industrial's East region, told GlobeSt.com earlier this month.
Atlanta Bonded Warehouse will use the space they have leased as a Southeast distribution center, says Hiles. The company, which specializes in food-grade, temperature-controlled storage and handling, chose the location because of its "cleanliness and conditioned space and insulation," he 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.
