ATLANTA-Gwinnett Progress Center, a 13-year-old, 1,500-acre business park along GA 316, is on the way to building out its 1,500-acre inventory.

Three new sales for a total 41 acres at an aggregate price of $3 million or an average $73,171 per acre ($1.68 per sf) bring the acres-sold column to 900 and the volume of space developed or under construction to 4.5 million sf. The park is developing a mix of class A office, office/warehouse and bulk distribution products.

In the newest transactions, Southeast Investment Properties purchased 19.4 acres for an $8 million development with Principal Life Insurance Co. The 275,000-sf spec bulk warehouse, Progress Distribution Center III, is under way and is expected to be completed in June 2001. The rental rate for bulk distribution space averages $3.50 per sf.

Red Clay Properties purchased 11 acres in mid-October for Cedars Business Center, a two-building spec office/warehouse development. The first building, to be delivered in May 2001, will have 72,800 sf; the second will contain 78,400 sf. Rental rates for this type of space range from $7 per sf to $11.75 per sf.

The third sale is a 10-acre site sold to Garrard Construction Group. Over the past 10 years, Garrard has developed four office buildings with 100,000 sf on eight acres. The company purchased its tract for future development.

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