LIBURN, GA-Home Depot Inc., expanding its retail and distribution space in numerous national markets, plans to open store No. 1,800 in suburban Liburn in first quarter 2006, the company confirms.
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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