159 Chestatee Industrial Park Drive
48,500 sq. ft.
Selling an Owner-User Building to an All Cash Buyer
After coming to terms with the current landlord on a renewal, they informed Pruitt that the building was being sold and the new landlord would not honor the previously agreed-upon terms. The new landlord presented an updated proposal that was almost a 100% increase to their previous rental rate. Working with Pruitt’s operation team, Cresa resurveyed the market for new space to lease. Michael Bennett and Jim Bob Taylor of Cresa located a newer and more efficient 13,137 SF space across the street from Pruitt’s location. This landlord proposed a substantial tenant-improvement package that covered all of Pruitt’s build-out construction including a new clean room equipped with exhaust hoods and HEPA air filters. The new landlord also proposed a full-service rate that resulted in over $750,000 in rental savings. The full-service rate included that future HVAC issues were the landlord’s responsibility.
Michael definitely earned his keep seeing as he vetted and presented a variety of options including Build-To-Suit, building purchase, renewal, and finally leasing a new location. He provided a tremendous amount of useful guidance throughout the negotiation and lease review processes and I appreciate him staying poised even during the most frustrating of times. I can definitely say that Michael is the best broker I’ve worked with since I’ve been at Pruitt Health and I look forward to continuing our relationship well into the future.Aneel Gill | VP of Planning and Development
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