CUSHMAN & WAKEFIELD ARRANGES 226,000-SQUARE-FOOT DISTRIBUTION CENTER LEASE IN METRO ATLANTA
Transaction consolidates two existing Kmart Warehouse/Distribution Facilities
ATLANTA, GA – November 29, 2011 – (RealEstateRama) — Sears Holdings/Kmart has signed a lease for 226,000 square feet at 5290 Old Dixie Highway in Forest Park, Ga. Sears/Kmart was represented in the renewal/expansion by Ray Stache, James Phillpott, and Lisa Bosshardt-Pittman of the Atlanta office of Cushman & Wakefield. The warehouse/distribution facility at 5290 Old Dixie Highway is owned by SPG Forest Park, LLC.
The signing represents a consolidation of the Sears/Kmart facilities in Forest Park and Morrow, Ga., both situated in metro Atlanta. The combined operation at the Forest Park location is part of the network of distribution centers for the Kmart retail chain in the southeastern U.S.
“Kmart was looking to consolidate the two locations, and we carefully analyzed the options of relocating and consolidating to a different location or remaining at one of the two existing locations,” said Stache.
“Ultimately, it was determined that the best option was to remain at the Forest Park location, where the company already occupied 130,000 square feet, and to extend the term there and add an additional 96,000 square feet to complete the consolidation of the two operations,” Stache added.
Cushman & Wakefield, Inc.’s industrial brokerage platform provides global resources for tenant and landlord representation, disposition and acquisition services, transaction management, and industrial consulting including labor and demographic analysis. In 2010, this group completed more than 4,800 industrial real estate transactions nationwide – totaling 141.6 million square feet in leases and 52.9 million square feet in sales – with an aggregate value of nearly $5 billion. This represented a year-over-year revenue increase of 26.7 percent.
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Cushman & Wakefield National Industrial
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