Lincoln Brokers Pitney Bowes’ Lease Renewal; Exeter Picks Up 2.4 Million SF Warehouse Portfolio

Lincoln Property Company Southeast brokered Pitney Bowes Presort Services’ renewal of its lease at Airport West Distribution Center and Exeter Property Group acquired 2.4 million square feet in industrial properties from Clarion Partners.

Lincoln Property Company Southeast, an affiliate of Dallas-based Lincoln Property Company, announced brokering Pitney Bowes Presort Services’ renewal of its lease at Airport West Distribution Center in Atlanta. Denton Shamburger, Vice President of industrial leasing at Lincoln, spoke for the landlord, while the tenant was represented by James Halepis and Rick Nash of DTZ at the negotiation of the 66,254-square-foot property.

According to a press release, the 287,520-square-foot Airport West Distribution Center’s new contract with Pitney Bowes maintains its occupancy at 100 percent. The two-building industrial park is located near Interstates 75, 85 and 285, about five minutes from Hartsfield-Jackson Atlanta International Airport.

Founded in 1965, Lincoln has developed over 34 million square feet of commercial office space, over 6 million square feet of specialty retail space, 49 million square feet of industrial space and currently manages over 145 million square feet of commercial property.

In other industrial news, Exeter Property Group, a privately-held real estate investment firm based in Plymouth Meeting, Pennsylvania, acquired a portfolio of nine bulk industrial properties located in Atlanta totaling 2.4 million square feet from Clarion Partners.  According to CityBizList Atlanta, the property was marketed by Cushman & Wakefield Atlanta. The team included Executive Director Stewart Calhoun, Executive Director David Meline, Director Samir Idris and Senior Associate Casey Masters. The sale closed on September 6 with an undisclosed purchase price.

The portfolio consists of high-quality industrial properties located at Airport/South Atlanta and I-20 West.  Buildings involved in the sale are7700 and 7780 Spence Rd., 4700 Stalwart Dr., 5003 Terminus Dr., 600-750 Distribution Dr. and 5720 Fulton Industrial Blvd, CoStar reports.  At the time of sale the portfolio was 100% leased to major tenants, such as Electrolux, Iron Mountain, Aaron’s and TOTO Americas.

Photo courtesy of Lincoln Property Company Southeast

Chart courtesy of Colliers International