ATLANTA-The 648,624-sf food distribution center at 605 Selig Drive, former cold storage home of locally based Alterman Foods, is under new ownership today. St. Louis-based Commercial Development Co. paid Alterman $8.5 million, or $13.10 per sf, for the 38%-leased property.

On the market for more than a year, the local office of CB Richard Ellis Inc. found the buyer and closed the transaction in four months. CBRE brokers Greg Haynes, Todd Barton and Adam Alterman negotiated for Alterman. The buyer represented itself.

Commercial Development retained the Barton-Haynes-Alterman team to lease the vacant 408,624 sf at the center. Three existing tenants lease a total 240,000 sf. CBRE had previously handled leasing for Alterman.

Commercial Development recently acquired a similar facility in Minnesota and plans to relocate that facility's new freezer equipment to the Selig Drive building. "With the improved freezer facilities, we'll have 140,000 sf of modern freezer and cooler space for lease with trailer storage," says CBRE senior vice president Haynes. "It's a unique opportunity" for a new tenant.

Alterman Properties has owned the property since it was developed in 1975. When Alterman's Georgia Food Giant Stores was sold to the SuperValu grocery chain, Alterman retained ownership of the building and leased it back to SuperValu. That leased expired in February. At that time, Alterman Properties "wanted to divest this building and reallocate the capital into other investments," Haynes tells Globest.com.