Last month, the REIT completed a 200,000-square-foot lease at the park's Southcreek Distribution Center I. Tenant Owens Corning Insulating Systems will use that space as a distribution center to complement a nearby manufacturing plant.
Owens was drawn to the property because of its proximity to its plant and major highways, according to DCT. Bob Robers and Paul Roeser of Jones Lang LaSalle represented Owens Corning in lease negotiations, while Brad Pope of NAI Brannen Goddard represented the landlord.
"These two recent leases, combined with current tenants Navistar and SC Johnson, further validate the park as a strategic distribution center," said Todd Carter, vice president and regional director of leasing for DCT, in the release. "Southcreek's premier location provides immediate access to major distribution arteries as well as the CSX Intermodal and Hartsfield-Jackson International Airport." DCT owns or manages approximately 7.3 million square feet in Atlanta.
The South Atlanta market accounted for 20% of Atlanta's total leasing activity last year, according to Cushman & Wakefield's latest industrial market report. In total, nearly 3.2 square feet were leased in 2008, equaling less than one half of the activity reported in 2007. The region ended the year at 11.9%, the highest vacancy rates in Atlanta, with average warehouse/distribution rental rates of $2.89 per square foot, according to the brokerage's data.
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