Representatives at Home Depot and Denver-based ProLogis couldn't be reached for lease details by GlobeSt.com's publication deadline. However, area industrial brokers familiar with the South Clayton-Henry County submarket tell GlobeSt.com the estimated length of the lease is 10 years at an estimated aggregate rent of $25 million.
Erik Pawloski, research director at Atlanta-based Bullock Mannelly Partners Inc., tells GlobeSt.com the average quoted rent for warehouse space in this submarket is $2.75 per sf.
In a brief news release, ProLogis says Home Depot is leasing 678,000 sf in the park's expansion phase being completed and 330,000 sf of existing contiguous space at the property. Area retail consultants tell GlobeSt.com Home Depot is expanding its distribution space in several national markets to better compete against Lowe's, Best Buy, Sears and Fry's. Home Depot is also renewing an 812,739-sf lease in New Jersey.
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