X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ATLANTA-Central Michigan University has signed an 11-year lease for 20,625 sf at a 200,000-sf office building owned by locally based Shadowood Properties LP at 2120 Powers Ferry Rd. The 113-year-old educational institution has a total enrollment of 27,936 at 60 locations in 15 states.

Area brokers tell GlobeSt.com the estimated value of the transaction is $4 million, based on an estimated effective rent of $18 per sf. Brokers Tom Moresco and Paul Mendel of locally based Richard Bowers & Co. negotiated for the building owner. Frank Quatro and John Poulos of Equis represented CMU which gained building signage rights as part of the deal.

The five-year-old building is in the Interstate 75 and Interstate 285 corridor. The university’s building sign will be visible from I-285, says Mendel. The asking average rent is $18.50 per sf. The school is moving from about 15,000 sf at Emerson Center, 2812 Spring Rd. where its lease is expiring. At its new location, CMU plans to have 10 classrooms, according to Dan Stephens, the university’s director of finance.

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?

Dig Deeper

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.