The Houston-based REIT wouldn't disclose the purchase price of the property, known as the Sears Distribution Center for the last six years. But area industrial brokers familiar with the submarket at State Road 54 and Interstate 285 tell GlobeSt.com the 13-year-old, 20-acre asset probably sold for about $20 million or $50 per sf, almost a third less than its replacement cost.

Area construction industry estimators tell GlobeSt.com the center, with a $10 million sprinkler system considered to be the most advanced in the Southeast, couldn't be replaced today for less than $125 per sf or about $50 million. The building at 3700 Southside Industrial Way has 30-foot-clear ceiling height; 108 dock-high loading doors; and ample trailer parking.

Weingarten president/CEO Drew Alexander calls the property "one of the highest demand regional distribution centers in the Southeastern United States." Sears Logistics Services is the sole tenant on an estimated 20-year lease, area brokers tell GlobeSt.com. Sears initially was distributing one million tires from the center for Tire America and NTW.

Trammell Crow played a pivotal role in signing Sears to the long-term lease and orchestrating the acquisition from Connecticut Mutual, according to area brokers. Crow's investment in the then $20 million deal was about $8 million. TA, a national pension fund adviser and longtime Crow business partner, funded the balance.

Connecticut Mutual acquired the property in 1992 when Whirlpool moved its Fulton County distribution facility to neighboring Henry County. The insurance company picked up the property via a quit-claim deed which avoided a foreclosure lawsuit. The center was built in 1989.