News


INDUSTRY WRAPUPS
Real Estate Notes
June 23, 2003
For sale

Commercial buildings have been popping up on the sale radar in recent weeks, including a prominent Peachtree Corners office building.

JP Morgan Chase & Co. (NYSE: JPM), is selling its Peachtree Ridge, a 160,100-square-foot office building in Norcross. The building, which is 89 percent leased, is home to more than 30 different firms, including Viewlocity Inc. with 25,000 square feet. Sources said the building is listing for $17 million to $19 million.

Other buildings placed on the market in the past few months include:

  • Glenridge 100 and 200, a two-building office complex in the Perimeter area. Transwestern Investment is selling the buildings and an undeveloped pad that could accommodate a 300,000-square-foot tower for an undisclosed sum, said Bruce Fernald with Holliday Fenoglio Fowler L.P. Glenridge 100 and 200 are 92,000 square feet each, and the largest tenant is insurance services company Crawford & Co. (NYSE: CRDA).

  • 420 Lee Industrial Blvd., a 561,600-square-foot distribution center in Austell. Solution Property Group listed the building for $10.4 million, said Mal Hill, a partner in the firm. Lee Industrial has 280,000 square feet vacant, and that could be an issue in Solution's quest to sell the property.

    " Reasonably, I don't expect that it will sell until we fully lease it for the long term or a user buys it and occupies [the vacant portion], and owns it and keeps the balance for growth," Hill said. Apparel-maker Phillips-Van Heusen Corp. (NYSE: PVH) uses the facility as a distribution center.

  • I-575-Airport Industrial Park also is for sale, for $11 million. Baby products-maker Evenflo Cos. is using the 356,000-square-foot building. But the company plans to close its operations there, said Brent Weitnauer, a broker with Insignia/ESG who has been chosen to find a buyer.