Through its newly formed ADA Property Management Co., Omix-Ada paid Atlanta-based Seefried Properties an estimated $8 million for the property at 460 Horizon Dr. Seefried declined to disclose the purchase price but brokers familiar with the Suwanee industrial market tell GlobeSt.com the contract price was about $35 per sf.
Omix-Ada will occupy 110,000 sf as a distribution facility. The remaining space is occupied by Apria Healthcare and Publix Supermarkets Inc. of Lakeland, FL.
"Before we finalized this deal, we analyzed the cash flow of the building to demonstrate [to the buyer] the economic benefits of having two credit tenants in place at the time of closing," says Charlie Fiveash, senior vice president of Atlanta-based Carter which represented the buyer. Carter broker Tommy Hughes worked with Fiveash on the deal. Greg Herren of Seefried Properties represented the seller.
"After exhausting other existing purchase options in Gwinnett County and exploring the possibility of a build-to-suit, the opportunity to purchase the Horizon Creek building presented itself as a viable alternative," says Hughes. "The building was larger than what Omix-Ada needed but because at the time of closing Publix was already in place and Apria Healthcare had signed a long-term lease, the building became a smart investment for ADA Property Management."
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.