Network Strategies, affiliated with Dart Advantage Warehouse of Minnesota, paid Reno, NV-based DP Partners $6.1 million, about $20.16 per sf, for the 20-acre property located directly off US 23 in Buford, GA. Area brokers tell GlobeSt.com the per-sf price is below replacement cost for a comparable property.
"The building was constructed as a build-to-suit for Sherwin Williams, which had occupied the facility for 15 years," says Todd Barton, a vice president in the Atlanta office of CB Richard Ellis Inc. Barton and senior vice president Greg Haynes negotiated for the seller. Guy Watkins of King Industrial represented Network Strategies.
Barton says the property was on the market a little over a year. The deal took 12 weeks to complete, "from contract signing to closing," the broker says. The property has 282,490 sf in the main building, 5,000 sf of office space and a 20,139-sf storage building with two dock-high doors.
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