X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ATLANTA-Philips Lighting Co., the North American arm of Netherlands-based Royal Philips Electronics, has renewed its lease for 156,021 sf at 4875 North Westpark Dr. and leased an additional 71,347 sf in the neighboring building. The facilities are for Philips’ distribution process. The leases bring both buildings to full occupancy.

Locally based-M.D. Hodges developed the 3.1-million-sf Westpark business complex that encompasses 39 buildings in the Fulton industrial area and continues to own 37 of them. The Hodges-owned buildings at Westpark are 86%-occupied.

The Philips’ leases are for three years. Hodges would not disclose the rental rate, but area brokers familiar with Westpark estimate the rental at approximately $4 per sf.

Access to the interstate highway system was a factor in Philips’ decision to stay and expand in Westpark, according to a printed statement by Phillip Hight of Hodges, who represented the owner in the transaction. Philips has been a Hodges’ tenant since 1983. Morando Berrettini of Aurora, IL-based Berco Realty represented Philips.

In a separate transaction, Chattanooga, TN-based Medical Management Professionals has leased 7,200 sf at 1640 Airport Rd. at Barrett Distribution Center, a 1.2-million-sf property in Cobb County that Hodges purchased less than two months ago. Hight represented the owner. MMP is in the medical billing business.

Meanwhile, Indianapolis, IN-based Heritage Crystal Clean leases 25,838 sf for five years at 5100 Tulane Dr. in Atlanta Gateway Park, another Hodges’ property. The tenant is a parts-cleaning and environmental-services-management company. Parn Chantha of the Atlanta office of CB Richard Ellis represented Heritage. John Tugman of Hodges spoke for the owner.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt. NET LEASE Awards 2021Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.