SUWANEE, GA-Atlanta-based Seefried Industrial Properties Inc. is on its way to its second consecutive 500,000-sf production year in the metro area with the groundbreaking of the second of three spec-built distribution buildings totaling 480,900 sf. The project is valued at about $21 million, Seefried senior leasing associate Doug Smith tells GlobeSt.com. San Francisco-based AMB Property Group is Seefried's partner in the project.

The second 190,900-sf building should be ready for occupancy by June. The third 90,000-sf building is scheduled for completion in May. The first 200,000-sf building, completed in December, is 100% leased. Atlanta-based Elkins Wire & Cable Co. and Atlanta Cable Sales each occupy 100,000 sf at the property at Horizon Drive and Old Peachtree Road in this Gwinnett County city, about 30 miles northeast of Downtown Atlanta, Smith tells GlobeSt.com.

Seefried is negotiating with a prospect to lease the 90,000-sf build-to-suit property and anticipates closing the deal within two weeks, Smith says. He estimates the buildings' hard construction cost at about $45 per sf. Seefried developed about 500,000 sf of industrial product in metro Atlanta in 2005 and expects to do about the same in 2006, Smith says.