BRASELTON, GA-Progressive Lighting, a national manufacturer based in Lawrenceville, has signed a 15-year, 796,663-sf office and distribution center lease at Duke Realty Corp.'s newly acquired Park 85 here, about 40 miles northeast of Downtown Atlanta. Area brokers tell GlobeSt.com the lease has an estimated aggregate value of $60 million, based on an estimated effective blended rate of $5 per sf.
To accommodate the tenant, which is relocating in July, Duke is expanding the spec-built, 505,163-sf park at 625 Braselton Parkway in Jackson County to 1,008,663 sf. Duke will market the additional 212,000 sf as speculative space, says Duke senior vice president Sam O'Briant. The lease is the first at the 318-acre park. O'Briant says the park can support development of more than four million sf of industrial and distribution space.
O'Briant and senior leasing representative Brian Sutton negotiated the lease for Duke. Ben Logue, senior vice president, Colliers Cauble & Co., Atlanta, and vice president Price Weaver represented Progressive Lighting. Logue says "Duke's ability to accommodate Progressive Lighting's consolidation needs simplified a complex transaction."
The tenant is relocating from its 255,000-sf distribution center in Lawrenceville, an Atlanta suburb. "Consolidating our distribution and headquarters at Park 85 allows us to more efficiently serve our retail locations and customers across the Southeast," says Progressive Lighting CEO Fred Lee. "Expanding our distribution and logistics operations allows us to provide customers a greater array of products and shorter lead times for prompt, on-time delivery."
Duke has developed and leased more than one million sf of industrial and distribution space in the Braselton market since 2001. Colliers Cauble Co. research of metro Atlanta industrial space shows the flex industrial category's average asking rent range is $5.50 to $7.50 per sf; shallow-bay distribution, $2.75 to $3.75 per sf; and warehouse space, $2.50 to $2.75 per sf.
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