Telecom Center Rising in Blighted Area

ATLANTA-Three warehouse assets totaling 390,000 sf have exchanged hands for $3.5 million or an average $8.97 psf in the city's industrial west end. The properties are being transformed into telecom centers.

By Judith Schonbak | Updated on August 17, 2000

The sale of three industrial buildings for telecom hotels is rejuvenating Atlanta’s rundown west end industrial area.

Yale GSG Lee Real Estate Ltd., a subsidiary of Yale Properties of Canada, bought a 280,000-sf former food warehouse for $2.5 million or $8.93 psf.

Telcom Holdings of Atlanta paid an estimated $1 million or about $9.09 psf for a 90,000 sf-building and a nearby 20,000 sf structure.

All three buildings are near fiber-optic lines owned by AT&T and Sprint Corp./WorldCom Inc. Another 368,000 sf-industrial building adjacent to the Yale and Telcom Holdings sites was sold and converted into telecom space earlier this year. Rental rates are running from $15 psf to $25 psf.

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