LaSalle Investment Signs New Tenant at 409 KSF Atlanta Facility
- May 10, 2019
Broadrange Logistics has signed a lease with LaSalle Investment Management to take 408,600 square feet at 105 Kendall Park Lane, an industrial property in Atlanta’s Fulton Industrial submarket. Cushman & Wakefield represented the tenant in the deal, which was a full-building lease for the third-party logistics company.
“This location puts Broadrange at ‘bulls eye’ with many of its top clients located within just minutes of its distribution center. It also puts us in the sweet spot for intermodal business coming from the Fairburn rail facility,” Doug Parks, Broadrange Logistics’ president and co-founder, told Commercial Property Executive. “Also, the stand-alone building has its own acreage, just outside of most of Fulton Industrial Park’s warehouse row.”
Furthermore, he said, with the size and location of the Kendall site, Broadrange is better able to more competitively ease the space and flow issues of its customers and offer immediate relief to any/all of Atlanta’s constrained industrial submarkets.
The facility is 13 miles west of Atlanta Hartsfield-Jackson International Airport and roughly 15 miles of downtown Atlanta. As part of the lease agreement, security for the entire facility and courtyard will be heightened. Additionally, a brand-new office build-out is taking place as well as technology and racking for the warehouse.
“The size of the Kendall space allows for us to provide for significant customization of varying sizes for customers’ needs,” Parks added. “We have upgraded the facility with state-of-the-art technologies and customer focused investments, but we have really left a blank slate to allow for future flexibility.”
Bob Robers and Brian Monaghan of Cushman & Wakefield represented the tenant in the lease negotiations and Brian Alcorn of the same company will oversee build-out of the space.
Industrial properties in demand
With local warehouse space vacancies in the area at their lowest rates ever—under seven percent—the Kendall location allows Broadrange to competitively service the needs of the companies currently suffering through the Atlanta region’s space crisis. According to Robers, the numbers have eased slightly, especially on some of the larger buildings that have been sitting.
“Significant industrial absorption in the south Atlanta market is keeping pace with new construction,” he told CPE. “There has been more fluidity, activity in spaces less than 500,000 square feet than big ones, over 500,000 square feet. Properties with good proximity to highways, intermodal terminals and labor pools will outperform other locations.”
In January, LaSalle Investment Management purchased a Munich office portfolio for $194 million in one of Germany’s tightest office markets.