Worthing bought the 11.6-acre property, about 20 miles south of Downtown Atlanta, from Frank and Mary Jane Sams Bentz for an undisclosed amount. However, area land brokers who have done deals in the Clarkston submarket, tell GlobeSt.com the contract price is probably around $25,000 per acre (57 cents per sf) or an estimated total $300,000.
Originally a 350-acre spread, the size of Sams Farm was gradually reduced over the years by takings from the Georgia Department of Transportation for new highway construction. Five Oaks is expected to be ready for occupancy in March 2005, company officials say. The projected average asking base rent is $1,000 per month.
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