John Crawford led a Grubb & Ellis Co. team that negotiated for Bio-Lab on the leasing transaction. Bobby Mayson of Lavista Associates, Atlanta and Mason, formerly with Hart Corp., represented Ashley.

Ashley signed Bio-Lab to a 5 ½-year lease with an estimated aggregate value of $5.78 million. Asking average rent at the 84%-leased park is $2.95 per sf. Bio-Lab plans to occupy the entire center by Jan. 2004, Kent Mason, newly named director of Ashley Capital's Southeast office, tells GlobeSt.com. Mason says Ashley is scouting for additional industrial and office properties that can be redeveloped in metro Atlanta and the Southeast.

"The overall Atlanta market continues showing sluggish demand with little positive net absorption," Mason tells GlobeSt.com. "Downward pressure continues on rates for newly constructed bulk distribution space." The Ashley executive says "deals in the market are being driven by consolidations and the ability for existing tenants to upgrade their facilities without paying a premium."

The firm purchased Conyers Distribution Center from Hart Corp. and CB Richard Ellis Inc. for $4.1 million or about $9.65 per sf, below replacement cost. The vacant property was a former Kysor Warren manufacturing plant in the Interstate 20 East corridor of Atlanta. Ashley invested in new lighting, 47 new dock doors and a new fire protection system.