IDI Closes Leasing at 141 Knowlton Way in Savannah
Facility in Crossroads Business Center Fully Leased with Addition of Two New Tenants
Atlanta, July 26, 2010 – IDI, a leading full-service industrial real estate company, has signed two new leases in the Savannah market totaling 75,040 square feet. The leases, for 43,800 square feet and 31,240 square feet, bring 141 Knowlton Way in IDI’s Crossroads Business Center to full occupancy. Gulfstream Aerospace Corporation occupies the remaining 122,890 square feet in the building.
The Parrott Group’s distribution arm, Velocity Services South, LLC, the warehouse and distribution service provider for three Ashley Furniture HomeStores located in South Carolina and Georgia, signed the 43,800-square-foot lease in Suite 300 of 141 Knowlton Way. The Parrott Group is scheduled to open its fourth Ashley Furniture HomeStore in Savannah in September 2010 and will use the space for storage and distribution of home furniture and accessories sold at their retail storefronts.
Store Supply Warehouse, LLC, a wholesaler of store fixtures and supplies to small, independent retailers, signed a 31,240 square-foot lease in Suite 200 of 141 Knowlton Way. The space will serve as the company’s new East Coast distribution center and will allow for ground transportation delivery to the majority of the company’s customer base within a two-day timeframe.
“Both tenants cited location, space size, curb appeal and landlord responsiveness as reasons they chose 141 Knowlton Way,” said Lisa Ward, vice president of leasing for IDI’s Atlanta market office, which serves Savannah. “We are pleased to have provided each of our new tenants with Class-A space to serve their warehouse and distribution needs and are happy to see the building at full occupancy.”
Lisa Ward and Cliff Dales of Colliers Neely Dales were the listing agents for the property and represented IDI in both leases. Brett Chambless of Chambless Partners, Inc. represented Store Supply Warehouse in the lease transaction and Velocity Services South did not use any outside representation.
160,380 square feet remains available at Crossroads Business Center in 155 Knowlton Way.
About Velocity Services South, LLC
Velocity Services South, LLC was established as the operating entity for all product distribution activities in the south region for The Parrott Group of Companies, who own and operate furniture retail and distribution companies in South Carolina and Georgia. A 19 year old company, The Parrott Group is based in Florence, S.C. and operates branded stores as Ashley Furniture HomeStore in Florence, Charleston, Bluffton/Hilton Head, and soon in Savannah; and an independent store as Parrott’s Furniture in Florence. Product Distribution companies are located in Florence and Hardeeville, S.C., but will soon relocate to its new home in Crossroads Business Center, Savannah.
Store Supply Warehouse, LLC
Store Supply Warehouse, Inc. was founded in by as a wholesaler of store fixtures and supplies to small, independent retailers. Store Supply Warehouse stocks and sells over 1,600 retail fixtures and store supplies, including but not limited to retail store fixtures, merchandise display items and retail-use consumable items such as tissue paper, shopping bags and gift boxes. More information can be found at www.storesupply.com.
IDI is a leading, full-service real estate property company with a singular focus on industrial real estate. The company provides development, investment, property management and leasing services supported by eight market-focused offices. To date, IDI has delivered 63 world-class business parks, and developed and acquired 134 million square feet of space in the U.S., Canada and Mexico for a growing roster of national and international clients. IDI also manages a portfolio of just over 56 million square feet. IDI’s investment portfolio, backed by domestic and international investors in the public and private sector, has total assets in excess of 25 million square feet. Assets are owned through a combination of development partnerships, long-term hold joint ventures and investment funds. For more information on IDI, visit www.idi.com.