604,852 SF
In 2016, LaSalle Investment Management pruchased a 604,852 square foot, state-of-the-art vacant asset that was developed by Oakmont Industrial Group. the Southwest Atlanta submarket was experiencing a significant amount of new development in the 500,000-700,000 square-foot range. In addition to functional, second generation buildings, four deliveries within 12 months presented an extremely competitive situation.
Colliers identified Mars Chocolate in the market with a 600,000 square foot requirement and secured a signed lease within 120 days from the initial inquiry. The transaction had challenges due to the well-above standard tenant improvements and short term, which was offset by the highest year one base rental for the I-20 West submarket along with substantially above market yield on the ASTI.