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Renewals Driving Industrial Market
GlobeSt.com Commercial Real Estate News and Property Resource
May 7, 2009
Renewals Driving Industrial Market
By Carl Cronan
ATLANTA-Lease renewals are driving the local industrial market lately, with Grubb & Ellis Co. handling two transactions totaling at least 150,000 square feet in suburban Doraville. The Beltmann Group has renewed its lease of 96,160 square feet at 7030 Buford Highway, while Reliable Tire Distributors re-signed for 56,000 square feet at 2351 Button Gwinnett Drive.
Beltmann, a residential and commercial moving services company, had one year remaining on its current lease with landlord American Realty Advisors. “We took advantage of market conditions and renewed early, securing economic savings and a generous tenant improvement allowance to update the office space,” says John Crawford, senior vice president of Grubb & Ellis’ industrial group in Atlanta, who worked with vice president Ray Dankberg on both renewals.
Blackwood, NJ-based Reliable Tire, a leading wholesale tire distributor, has seven regional distribution centers throughout the US. Sealy Button Gwinnett LP is its landlord at Doraville building.
Industrial vacancy throughout the Atlanta market neared 10% at the end of the first quarter, according to Cushman & Wakefield. Direct asking rents remained at $4 per square foot through the first three months of this year.
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