McDONOUGH, GA-Duke Realty Corp. has signed two tenants to a total 455,400 sf at the 759,300-sf Liberty III. The deal brings the cross-dock bulk distribution facility to 97% leased. Duke doesn't disclose rents or lease values but area industrial brokers tell GlobeSt.com the two leases probably have an aggregate value of $13 million.

New York-based Rheem Sales Co., an affiliate of Rheem Manufacturing Co., will be occupying 354,000 sf when its heating and air-conditioning sales staff moves in this quarter. Chicago-based Genco, a third-party logistics provider, has extended its lease by 101,400 sf for a total 329,000 sf.

Area brokers tell GlobeSt.com both leases are probably for 10 years an effective rent of $3 per sf. That would make the Rheem lease valued at an estimated $10 million and the Genco lease at about $3 million, they say. Brokers tell GlobeSt.com Genco's total 329,700 sf probably has an estimated aggregate rent value of just under $10 million.

"Liberty's access to metro Atlanta's transportation arteries makes it an ideal location for corporate tenants' distribution needs," says Sam O'Briant, vice president of Duke's Atlanta Industrial Group. Park 85, which can be expanded to 1.1 million sf, is near Interstate 75. O'Briant says the two transactions bring Duke's South Atlanta bulk warehouse portfolio to 97% occupancy and is "very significant to Duke's continued growth in Atlanta."

Chris Brown, a Duke leasing representative, worked with broker Trey Fricke of Lee & Associates in Dallas and Brad Pope with NAI Brannen Goddard in Atlanta to complete the Rheem transaction. Brown also represented Duke in the Genco lease. Ray Stache of Cushman & Wakefield of Georgia Inc. and Brian Zurawski of Summit Realty Group of Indiana negotiated for Genco.