As an entry into the Atlanta market, the company's real estate unit bought a 30,000-sf industrial building in West End. Global NAP paid $812,000 or $27.06 per sf for the structure. The seller was Swartzberg Investments.
West End now counts at least five purchases and conversions of industrial buildings into collocation and switching centers within the last year.
Counting Global NAP's 30,000-sf building, nearly 800,000 sf of industrial space has been or is being revamped for the new economy industry. Rental rates for the telecom space are ranging between $15 per sf and $25 per sf.
Downtown and intown near Georgia Tech are two other areas that have attracted major telecom facility development.
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