The 140,000-sf retail and garden store will be built at US 29 and Luxomni Road, about 20 miles northeast of Downtown Atlanta. The home improvement retailer purchased the 14-acre site from Luxomni Properties LLC for $3.5 million or $5.74 per sf, area industrial brokers familiar with Home Depot's expansion plans tell GlobeSt.com. Gwinnett County commissioner Kevin Kennerly is a principal in Luxomni Properties.
Home Depot is also scouting for a 500,000-sf distribution center site to lease in Gwinnett County, people in a position to know tell GlobeSt.com. In April, the Atlanta-based retailer signed a one-million-sf distribution center lease at ProLogis Park Greenwood in McDonough, Henry County, as GlobeSt.com previously reported. The estimated 10-year lease was valued at an estimated $25 million, area brokers familiar with the deal tell GlobeSt.com.
In July, Home Depot paid Dallas-based Granite Properties and Atlanta-based Pope & Land Enterprises $17 million, or $85.69 per sf, for three buildings totaling 198,400 sf at the 80%-leased, 644,000-sf Cumberland Office Park, less than a mile from Home Depot's headquarters in suburban Vinings, as GlobeSt.com previously reported.
Outside of Georgia, Home Depot purchased 18 Kmart store sites in August 2004 for $271 million or about $15 million per location, as GlobeSt.com also previously reported. The stores are in Tempe, AZ; Huntington Beach, Orange, Seaside and Thousand Oaks, CA; New Milford, CT; Coconut Grove and Jacksonville Beach, FL; Champaign, IL; Levittown, NY; Broomhall and Hanover, PA; and Houston.
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