GlobeSt.com UPDATE: First Industrial Lands 400,000-SF Build-to-Suit for Staples

DOUGLASVILLE, GA-First Industrial Realty Trust Inc. of Chicago has landed its first major client in Staples Inc. at the 2.4-million-sf Terminus West Industrial Park it is developing at Terminus Drive and Blairs Road, just south of Interstate 20 and Thornton Road in Douglas County.

First Industrial plans to have Staple's 400,000-sf delivery fulfillment center completed later this year, Dick Astheimer, the company's senior vice president and development, says in a prepared statement. The facility will be used by Staples to fill office product orders for customers throughout the Southeast, Astheimer says.

First Industrial didn't disclose the hard construction cost of the project. However, area industrial brokers familiar with comparable properties, tell GlobeSt.com the fulfillment center will probably be built at a hard construction cost of about $75 per sf or a total $30 million. Terminus West Industrial Park itself is being developed at an estimated $50 per sf or a total $120 million, as GlobeSt.com previously reported.

A big player in metro Atlanta's 450-million-sf industrial real estate market, First Industrial has its 16-year-old, 151,935-sf light distribution facility at 4051 Southmeadow Parkway in south Atlanta 100% leased. PrimeSource Building Products of Indianapolis occupies almost the entire Fulton County property on a 12-year, 131,320-sf, $5-million lease the tenant signed in 2002, as GlobeSt.com also previously reported.