ATLANTA-Outbidding six other buyers, Boston-based Cabot Industrial Properties has acquired a 100%-leased, 200,827-sf industrial and distribution building from locally based Bakers Ferry LLC for $6.4 million or $31.87 per sf.

Chris Tomasulo, vice president, Industrial Services Group, Colliers Cauble & Co., says the property was "not technically on the market" during the bidding process. He agrees the price per sf is "well below replacement cost…given today's cost of land, rising construction costs and the additional land that the building has for outside storage." Area construction sources tell GlobeSt.com a comparable property today couldn't be built for less than $50 per sf.

Tomasulo and Colliers Cauble senior vice president Steve Grable negotiated for Cabot. Jerry Daws, president, Republic Property Co., Atlanta, represented the seller. The 16-year-old building at 5901 Bakers Ferry Rd. is fully leased to National PowerSport Auctions of Poway, CA. Tomasulo says the property can be expanded by an additional 65,000 sf.

"With increasing rents and occupancy in the Fulton industrial submarket, investors continue to have a strong appetite for big-block properties in the area," Tomasulo notes. "With this property's long-term tenant, outside storage and room to grow, it will be a solid investment for Cabot."