SUWANEE, GA-Duke Realty’s Atlanta industrial group has signed electronics retailer Best Buy Co. Inc. to a four-year extension on its 10-year, 223,000-sf warehouse and distribution center lease at Horizon Business Park here. The deal brings the 15-year-old, 422-acre, 1.5-million-sf park to 85% occupancy in a difficult real estate environment.

“The [industrial] market in metro Atlanta is better than last year, and last year was better than the year before,” Duke broker Brian Sutton tells GlobeSt.com. Sutton represented Duke in the transaction. Blaine Kelley of CB Richard Ellis Inc. negotiated for Minneapolis-based Best Buy.

The estimated aggregate value of the deal is $2.7 million. The average asking base rent range is $3 to $5 per sf. Other Horizon Park tenants include ITT/Flygt, OKI, Visible Genetics and Fisher Scientific. Duke Realty’s metro area portfolio totals 15.5 million sf of office, industrial and retail product.

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?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & 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 © 2024 ALM Global, LLC. All Rights Reserved.