Bucky Winfield, vice president of Richard Bowers & Co., represented Laurelwood owner Bruce Keenan. David Nixon of CB Richard Ellis Inc. negotiated for the seller. Winfield tells GlobeSt.com there were no governmental or environmental challenges the buyer or seller had to overcome before closing the deal. The deal took 90 days to complete, from contract signing to closing.
Area brokers tell GlobeSt.com build-to-suits and tenant users in the 20,000-sf to 100,000-sf category are driving metro's 491-million-sf industrial real estate inventory, one of the largest in the country. Demand has driven down vacancy to 12.8% from 11.6% at this time last year, according to Colliers Cauble Co. research.
More than five million sf of industrial product is currently under construction the Atlanta area. "Though bulk space users had the most significant affect (87% of total net absorption) on the Atlanta industrial market, the smaller space users leasing between 20,000 sf to 60,000 sf also played an important part to the industry's success in 2004," notes Scott Amoson, research director at Colliers Cauble.
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