Relocating under one roof and selling three existing facilities

Success Story by Jim Bob Taylor and Michael Bennett for DH Pace Overhead Doors
Client
  • DH Pace - Overhead Doors
Space
  • 166,000 sq. ft.
Industry
  • Industrial
Locations
  • Atlanta
Services Provided
  • Transaction Management
Cresa Team
  • Michael Bennett
  • Jim Bob Taylor

Client Objectives

  • DH Pace has operated out of three facilities inside the perimeter of Atlanta totaling 113,000 SF since 1997. Due to lack of parking, functionality of the buildings, and exponential growth within the company, business operations were becoming increasingly inefficient. 
  • Cresa needed to locate a +/-150,000 SF industrial building with ample parking and office space in the North Atlanta area, allowing DH Pace to maintain current workforce under one roof.
  • Cresa also needed to sell DH Pace's three existing facilities at 221 Armour Drive, 219 Armour Drive, and 279 Ottley Drive, and complete a 1031 tax-free exchange into the purchase of the new facility. 

Results

  • While Atlanta is at an all-time low vacancy rate for owner user buildings available for sale, Cresa was able to use market research to determine off-market options. 
  • DH Pace selected a building that had been on the market for lease for over two years with a local developer. 
  • Cresa negotiated a 7-year lease with a purchase option after 6-months. The lease period gave Cresa the time they needed to sell their existing buildings and complete a tax-free exchange into the new building when they exercise their option. 
  • Additionally, Cresa successfully negotiated a three-building purchase for DH Pace's existing industrial facilities. The three properties were located inside I-285, and it was determined that the highest and best use for the buildings was no longer distribution, but loft office redevelopment. 
279 Ottley Drive
5105 Avalon Ridge Building Photo

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