Binswanger Brokers Sale, Just Closed, of NW Georgia Industrial Building
- Nov 06, 2012
By Scott Baltic, Contributing Editor
The Atlanta office of Binswanger has arranged the sale of a former Mohawk Industries facility, a 220,569-square-foot industrial building on 47 acres in Rome, Ga., the broker announced last Friday.
Though the sale price was not disclosed, an announcement by the buyer, Hampton, N.H.–based Foss Manufacturing, in late September cited the figure of $15 million in referring to its new manufacturing and distribution operation in Rome. How much of that was the purchase price and how much, if any, was other costs is not known.
Binswanger senior vice president David Barber could tell Commercial Property Executive only that the sale price was between $10 and $20 per square foot. The closing took place on Nov. 1, Barber told CPE. Barber and vice president Dan Stubbs handled the transaction for Binswanger, on behalf of Mohawk Industries, which formerly used the building for manufacturing carpet yarn.
The single-story building on Huffaker Road features 6-inch reinforced-concrete floors, brick-over-concrete-block and insulated metal panel walls, steel columns, ceiling heights to 19 feet, five tailgate-height truck docks with levelers, about 3,600 square feet of management offices and parking for about 135 cars.
Rome is roughly 50 miles northwest of downtown Atlanta, as the crow flies, and about 25 miles west of I-75.
The building was about 124,000 square feet when first built in 1974. Three subsequent expansions, in 1978, 1984 and 1998, brought it to its current size.
Though Rome and environs are definitely outside of the metro Atlanta market, Barber noted, “There is an active northwest Georgia market between Dalton, Calhoun, Rome and other towns in this area. We have seen good activity in this area over the past two years, with sales in Whitfield, Gordon, Floyd, Chattooga and Bartow counties.”
The buyer, Foss Manufacturing, focuses on the production of “specialty fibers, non-woven and needle-punch fabrics” and plans to use the Rome facility for manufacturing and distribution, employing about 150 people in the first three years. (The Foss website describes needle-punch as a “Mechanical process involving thousands of needles that orient and interlock fibers to create non-woven fabric.”)
The new location is intended to let Foss more quickly deliver products to specific regional customers that often have customized orders requiring delivery on very tight deadlines. The company makes antimicrobial fiber and other specialty fibers; the majority of its business centers on Fossfibre, a colorfast, environmentally friendly synthetic fiber.