HAPEVILLE, GA-Spotting an opportunity to revive two vacant industrial buildings totaling 398,000 sf in this Atlanta suburb, Henry Ford Partners LLC has acquired the properties from BCD Investors LLP of Boca Raton, FL. The joint venture plans to bring them to market shortly as refurbished properties with modernized amenities.

A representative for the joint venture tells GlobeSt.com "not all the partners involved are comfortable with pro-actively giving out the price paid for the property." However, area industrial brokers familiar with the Airport industrial submarket and the properties tell GlobeSt.com the acquisition price is probably in the $20-per-sf range or an estimated total $8 million. New warehouse space could probably be built for about $45 per sf, construction sources tell GlobeSt.com.

The partners are the Carter Real Estate Fund, Nickol Commercial and Weaver & Woodbery. The properties, minutes from the Hartsfield-Jackson Airport cargo terminals and Interstate 75, are at 4100 Henry Ford II Ave.

Renovations will include adding 29 new dock doors for a total 73 doors; re-roofing both buildings; adding new parking and repaving the truck courts; adding three new 50-foot office store fronts; painting both the interior and exterior; and converting the sprinkler system to a wet system. Nickol Commercial and Carter will handle the leasing; Carter will manager the properties.

Building One has 164,300 sf; Building Two, 233,700 sf. Both buildings can accommodate tenants from 40,000 sf up to a full building, says Jeff Nickol, president of Nickol Commercial. The buildings are 200 feet to 250 feet deep; have 24-foot clear-ceiling heights; and are served by Norfolk Southern Rail Co.

Nickol calls the site "a phenomenal location for this product type." He says, "Once the renovations are complete, we believe the buildings will speak for themselves." Atlanta-based Colliers Cauble & Co. notes current rent ranges for industrial space are $6 to $7.50 per sf for flex space; $2.85 to $3.75 per sf for shallow-bay distribution space; and $2.65 to $2.75 per sf for general warehouse space.