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ATLANTA-Industrial Developments International gambled on the Interstate 985 submarket in Gwinnett County and won. IDI has signed Delray Beach, FL-based Office Depot to a 15-year, 550,000-sf lease at an estimated aggregate value of $50 million at the 250-acre Hamilton Mill, a spec-developed business park northeast of Downtown.

It’s the largest area industrial lease of the year to date, brokers tracking the market tell GlobeSt.com.

Officials at Office Depot and IDI wouldn’t confirm the lease’s value but note average asking first-quarter rent in this submarket was $6.51 per sf, according to CB Richard Ellis Inc. research.

IDI plans to break ground next year on two more spec projects in the same park–a 250,000-sf building and a 110,000-sf structure. Office Depot is Hamilton Mill’s first tenant and will use the space for a distribution center when it moves in during March 2002.

“Office Depot’s selection of the site further solidifies the area’s status as a regional distribution hub,” Lisa Ward, vice president/leasing, IDI, says in a prepared statement. “The site offers excellent access to I-985, I-85, I-285 via I-85 or Buford Highway and Georgia 400 via Georgia highway 20.”

Ward represented IDI in the Office Depot lease. Dallas-based Lincoln Property Co. negotiated for Office Depot.

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