Grubb & Ellis Closes Estimated $1M in New Leases

The three transactions included an industrial direct lease, a flex-industrial transaction and an office sublease in a metro market still trying to whittle down about four million sf of office sublease space, G&E brokers tell GlobeSt.com.

"Tenants still have the upper hand," Rex Benton, an advisor in Grubb & Ellis' Industrial Services Group, tells GlobeSt.com. "Concessions are still heavily in play." Midtown remains "an active market but the new buildings coming out of the ground and planned may balance out the demand" for space, Benton says.

In the transaction that Benton handled for tenant Leggett & Platt Inc., Drive Design leased 6,250 sf for five years at an estimated aggregate rent of $312,500. The 59,536-sf building at 210-212 14th St. is 90% leased. Jim Saine of Selig Enterprises represented his firm.

Drive Design was the former point-of-purchase group within the Masterack division of Leggett & Platt. "They decided to create a new business unit and place them in their own facility," Denton tells GlobeSt.com. Drive Design provides point-of-purchase displays for brand marketers such as the Coca-Cola Co. and Pepsi Cola Co.

At 1375 Peachtree St., the Burks Cos. Inc. is taking 7,146 sf for five years on a sublease at Suite 400. Gail Crowder and Harrison Morris represented building owner Metropolitan Life Insurance Co. The lease has an estimated aggregate gross value of $714,600, area brokers tell GlobeSt.com. Grubb & Ellis brokers declined to disclose the value.

And at 5322 Rafe Banks Dr., American Pole Manufacturing Co. is leasing 10,130 sf for five years at an estimated aggregate rent of $202,600. John McClintock, Dave Watson, Darren Ross and Lisa Misiak represented negotiated for the tenant.