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.
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