ATLANTA-In separate transactions, Phoenix, AZ-based Image Works filled a 92,000-sf industrial building on Atlanta Industrial Parkway, and Indianapolis-based Inland Paperboard and Packaging leased 96,274 sf at the West Park Distribution Center.
Both properties are in the Fulton submarket. Brokers refused to disclose lease terms, estimated by area brokers at five years, but said in prepared statements lease-cost savings and lower rental rates are cited as reasons for the moves.
The estimated aggregate value of the leases is $2.82 million based on average rent of $3 per sf, area brokers tell GlobeSt.com.
Image Works, a division of Phoenix-based Action Performance Companies, took the industrial building at 3735 Atlanta Industrial Parkway, owned by locally based Glencourt Corp., to 100% occupancy.
The asking average rental rate for industrial space in this area is $4.46 per sf, according to GlobeSt.com research, but brokers familiar with the area suggest this lease may be for about $3.50 per sf.
Insignia/ESG’s Atlanta office represented Image. Locally based Resource Real Estate Partners represented Glencourt.
Inland relocated from the airport submarket to locally based M.D. Hodges Enterprises’ West Park distribution facility in Fulton. Cushman & Wakefield of Georgia represented the tenant.
The average asking rate for distribution space in Fulton is $3.34 per sf, according to GlobeSt.com research, but area brokers, on condition of anonymity, estimate this lease at about $3 per sf.