ATLANTA-In three separate transactions, Airport West Distribution Center, a newly completed, two-building, 287,520-sf joint venture between Dallas-based Lincoln Property Co. and New York-based American International Group, leases 73,080 sf, or just over 25%-occupancy.
Rental rates were not disclosed, but an area broker tells GlobeSt.com the asking rate is about $4.25 per sf. That would place the estimated aggregate rent value of the three deals at $2.17 million.
Charlotte-based Bank of America signs a 10-year lease for 29,232 sf at an estimated aggregate rent of $1.24 million.
Reading, PA-based Penske Logistics leases another 29,232 sf for five years at an estimated aggregate rent of $621,180.
Locally based-Chick-fil-A leases 14,616 sf in a direct deal for an undisclosed term. Assuming it was for five years, the estimated aggregate rent is $310,590.
Julian Brown, senior vice president of Lincoln, and Denton Shamburger, a leasing representative in the company’s Atlanta office, represented the owner in all three transactions.
Bank of America plans to use its space for back-office operations. Brin Meredith of the Atlanta office of Dallas-based Trammell Crow Co. negotiated for the bank.
Bud Moore of the local office of New York-based Insignia/ESG, represented Penske, a provider of supply-chain operations.
In a prepared statement, Brown says “leasing activity and interest has been really strong, given the current market” conditions. He points to the opening of a new runway at Hartsfield as an additional incentive to space-shopping tenants.
Lincoln began developing the center in fall 2001 as part of its joint venture with AIG to develop or acquire properties near major airports.