Progressive Lighting to Lease 700,000 SF Distribution Center Near Atlanta

CoStar Group - October 19, 2005

Just weeks after buying the former Georgia Distribution Center in Braselton, GA, Duke Realty Corp. (NYSE: DRE) has nabbed a huge deal with an Atlanta-based lighting firm. Progressive Lighting is days away from completing a deal for the entire building at 625 Braselton Parkway, a currently 505,000-square-foot industrial building originally developed by Southeast Investment Properties. The deal calls for the building to be expanded to approximately 700,000 square feet immediately, and has provisions for Progressive Lighting to take a full-expansion of the building, which would be more than 1 million square feet.

At that size, it would be one of the largest industrial deals in Atlanta this year, comparable to The Home Depot’s 1 million-square-foot deal in Henry County and Solo Cup Co.’s mammoth 1.3 million-square-foot deal in Social Circle. The building will serve as Progressive Lighting’s headquarters and have as much as 40,000 square feet of office space.

The deal is a major coup for Duke, which just recently closed on the purchase of the building and 318 acres at the intersection of I-85 and Georgia Highway 53 in Braselton, northeast of Atlanta. The seller was legendary land speculator Wayne Mason, who had originally optioned the land to Steve Smith of Southeast Investment Properties for a project he called Georgia Distribution Center. Sphere: Related Content