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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.

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