SUWANEE, GA-Atlanta-based Seefried Industrial Properties Inc. and AMB Property Group of San Francisco continue the fast-tract construction and leasing performance at their 60-acre Horizon Creek Distribution Center by ringing up their second 100%-leased building.
The joint venture has signed the US headquarters company of Tochigi, Japan-based Mycoal Products Corp. to a 10-year, $5-million office-manufacturing-distribution center lease that will fill up the under-construction 88,426-sf building at Horizon Drive and Old Peachtree Road, about 39 miles northeast of Downtown Atlanta.
The partners' first 200,000-sf building, completed in December 2005, is 100% leased to Atlanta-based Elkins Wire & Cable Co. and Atlanta Cable Sales, as GlobeSt.com reported Feb. 7. The second 190,000-sf building should be ready for occupancy by June. The three buildings were developed for $21 million or about $45 per sf. The 17-year-old Horizon Creek Business Park itself is about 90% leased.
About 100 Mycoal employees are expected to work in the building when it is completed this summer The company is best-known internationally for its body-warming and outdoor sporting goods products, according to its website. Doug Smith, leasing director at Seefried, represented his company in the Mycoal lease. Day Lancaster of Atlanta-based NAI/Brannen Goddard negotiated for Mycoal.
Greg Herren, senior vice president of leasing at Seefried, calls the Mycoal transaction "tremendous news in terms of strengthening the job market for metro Atlanta it is yet another example of the mounting demand for industrial facilities in Atlanta's northeast submarket."
The Seefried-AMB partnership has had growing success since at least 2004 with its deals at Horizon Creek Business Park. In 2004, the JV sold a 230,530-sf building at 460 Horizon Dr. for $8 million, or about $35 per sf, to Jeep parts distributor Omix-Ada of Norcross and its ADA Property Management Co., as GlobeSt.com reported Jan. 17, 2004.
The joint venture scored a local coup of sorts earlier this month when it won a build-to-suit contract from Phoenix-based PetSmart Inc. for a $40-million, 877,500-sf distribution center at Creekside Distribution Center in Newnan, about 20 miles southwest of Atlanta Hartsfield International Airport, as GlobeSt.com reported March 2.
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