RENOVATIONS UNDERWAY ON FORMER AVON PRODUCTS BUILDING
Atlanta, GA December 6, 2013 – Taylor & Mathis Fund I, LLC, a private real estate investment company formed and sponsored by the principals of Atlanta-based developer Taylor & Mathis, Inc., has purchased 425 Horizon Drive, a 364,726-square-foot office/distribution property in Gwinnett County, GA, for approximately $9.5 million. Avon Products, Inc., the seller and previous occupant of the property, has vacated the warehouse and production portions of the building, and will vacate the office portion of the building by the end of March, 2014. The building, which was developed in 1991 as a build-to-suit for Avon, is situated on a 22.4-acre site in Horizon Business Park, less than one mile from the interchange of I-85 and Lawrenceville-Suwanee Road.
Taylor & Mathis will complete certain improvements to the property (including re-roofing, exterior glazing/window replacements, loading dock repairs/upgrades, re-paving and retrofit of the fire sprinkler system to ESFR) and market the building for re-lease to one or two large tenants, or for sale to an end-user. “We really like the timing of this acquisition,” said Hamilton Reynolds, President – Taylor & Mathis Industrial Division. “The Atlanta industrial market, and the Northeast/I-85 submarket in particular, continue to show strong demand and there is now a shortage of large, contiguous spaces. There is virtually no new construction underway, so we expect to see rents increasing as tenants find fewer options for their space requirements.”
Taylor & Mathis Fund I was created for the purpose of investing in office and industrial properties in Atlanta, with a focus on existing institutional quality assets with unrealized value that can be acquired at a substantial discount to replacement cost, as well as select office and industrial development opportunities.