More than 3.6 Million SF Leased YTD in Seven Key Markets
ATLANTA, GA – In the midst of one of the most challenging real estate markets in decades, IDI is marking the mid-point of 2010 with considerable success in both leasing activity and disposition of key assets.
From January to June, IDI tallied leases in excess of 3.6 million square feet in seven of the company’s eight U.S. markets, and sold $264 million worth of existing assets.
Leasing activity was most prevalent in Atlanta with five new leases and two renewals totaling just over 1.9 million square feet.
Cincinnati saw a total of three new leases for 607,648 square feet leased, including a 360,000-square-foot deal with a third-party logistics provider at the
Southpoint One facility. (top left photo)
Finally, in one of four major deals in the Chicago market (total square footage leased in Q1 and Q2 was 588,367) Ozburn-Hessey Logistics signed a 183,500-square-foot lease at
Bolingbrook Corporate Center West. (middle right photo)
The Dallas market saw a renewal of 36,427 at Valwood West A with tenant YKK AP America.
Renewals were also prevalent in the Ft. Lauderdale market with 106,778 SF in two facilities and a new 7,290-square foot lease at
Miramar Centre.(
middle left photo)
Memphis and Philadelphia both saw the expansion of existing leases with Bound Tree Medical (27,243 SF) and International Cargo (42,000 SF), respectively.
And, a new 130,205-square-foot lease was signed with Exel, Inc. in Philadelphia on February 26.
IDI’s 2010 sales activity has also been strong. IDI has completed five sales transactions year-to-date totaling approximately four million square feet in five markets.
Of particular note, IDI’s investment team, in a joint venture with institutional investors advised by J.P. Morgan Asset Management, boasted the largest sale of 2010 when 679,000 square feet at
Weston Business Center (lower right photo) sold for $65 million in mid-April.
The Weston facility was sold to RREEF, the real estate investment management arm of Deutsche Bank’s asset management division. Chicago was also home to a significant sale of the 525,000-square-foot, build-to-suit for Freudenberg Household Products at Prairie Point West. The facility sold to Freudenberg Real Estate, L.P. on May 12 for $25 million.
“The level of activity we’ve seen in early 2010 suggests a return to confidence not only in the real estate market, but also in the logistics sector,” said
Tim Gunter (top right photo) , president and CEO of IDI. “We anticipate the remainder of the year will see a heightened level of investment activity that will continue to buoy and stabilize the market.”
IDI also received LEED certification from the U.S. Green Building Council in 2010 on one facility completed in 2009. The 525,000-square-foot Prairie Point West facility now owned by Freudenberg Real Estate in Chicago was certified LEED Silver in April 2010.
“IDI weathered a very tumultuous time in our industry well, thanks to our team members across the country and our ability to adapt to the constantly-evolving market,” added Gunter. “We are looking forward to closing 2010 with strong numbers and are excited about what’s on the horizon.”
Contacts:
Kim Hardcastle, Jackson Spalding for IDI, 404-214-0693
khardcastle@jacksonspalding.com
Charlotte Marie Sturtz, Jackson Spalding for IDI, 404-214-3555
csturtz@jacksonspalding.com
