A Preferred spokesman declined to disclose the contract price."Not at this time," he tells GlobeSt.com. OFS has been tryingto sell off 110acres since February 2005, as GlobeSt.com previously reported.Industrial brokers in Norcross, 10 miles north of Downtown Atlanta,told GlobeSt.com at that time the entire 110-acre tract couldgenerate a price of $50 million to $100 million.

Preferred plans to subdivide the 75 acres and develop the dirtto its best and highest use, the company says in a preparedstatement. The acquisition is Preferred's first in metro Atlanta."As we expand into the Atlanta market, this is an importantbenchmark for our company," says Michael G. O'Neill, Preferred'sfounder and CEO.

O'Neill hints he is planning a major project on the 75 acres."We believe that this development will fill a hole in the localeconomy, creating new jobs and providing much-needed commercialredevelopment in the area," says the Preferred chief. "Thisdevelopment is the epitome of Preferred's vision-transformingoverlooked, under-utilized facilities into one-of-a-kind, mixed-useproperties designed to create value and economic opportunity."