Coloplast Corp. and Panattoni officials couldn't be reached by GlobeSt.com's publication deadline to learn the aggregate value of the deal. But area brokers familiar with the property and the Marietta submarket tell GlobeSt.com the deal is valued for at least $50 million. Atlanta-based Carter brokered the transaction.
The sale transaction includes Coloplast's 80,000-sf office and flex building and a 98,000-sf distribution center, both at 1955 West Oak Circle.
In a prepared statement, Coloplast vice president Tom Bedenk says his company will lease back the office and flex building and 60,000 sf of the distribution facility while Panattoni completes the new 60,000-sf structure. The leases on each property are in the 10-year to 15-year range, area brokers estimate.
"This [sale-leaseback] decision really boils down to what is more efficient for the company as a whole," Bedenk says. "We had more real estate than we needed, so there was capital that was otherwise not being utilized." He adds, "In this situation, not only are we getting a new facility, but we are also keeping our employees in the same location, which was a prime concern of ours."
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