X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

KENNESAW, GA-With a scorecard of three buildings at 100% occupancy, Atlanta-based IDI has signed its first tenant at a fourth 176,500-sf building under construction at the 614,500-sf, 55-acre NorthPark 75 business park at 4005 Royal Drive in this suburban city.

The Harold M. Pittman Co., a global graphics arts supplier based in Totowa, NJ, has signed a 10.5-year lease for an estimated aggregate rent of $3 million at the five-year-old park, the largest industrial-office real estate campus of its kind in Kennesaw, local brokers familiar with that submarket tell GlobeSt.com.

Pittman plans to use the structure for office space, warehousing and distribution of the company’s varied product line, Lisa Ward, vice president of leasing for IDI’s Atlanta region, tells GlobeSt.com. Ward represented her company in the transaction. David Beak and Joseph Mullican of NAI/Brannen Goddard negotiated for Pittman.

The deal took about three months to complete, from contract signing to closing, Ward says. “Pittman looked at several alternative locations” before deciding on NorthPark 75, she adds. IDI has 106,625 sf of rentable space left in the new building scheduled for September completion. The park is located along the Interstate 75 North transportation corridor.

Ward declined to disclose the average asking gross rent range at the park. The Pittman lease equates to about $4 per sf. Atlanta-based Colliers Cauble Co. estimates area flex industrial space is renting for $5 to $7 per sf; shallow bay and distribution space at $2.75 to $3.75 per sf; and warehouse at $2.50 to $2.75 per sf.

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.