April 29, 2004
by Brian Wilson
Margolias Realty Group acquired the Athlete’s Foot headquarters, a 162,651-square-foot industrial building at 1950 Vaughn Road in Kennesaw, GA. The building was purchased for $5 million, roughly $31 per square foot, from TAF Real Estate LLC, an Athlete’s Foot affiliated holding company.
The facility is comprised of 116,112 square feet of warehouse space and 46,489 feet of office space. The building was built in 1992. The property is off Barrett Parkway and Highway 41 in the Kennesaw/Acworth submarket.
Athlete’s Foot signed to a two-year agreement for 50% of the office space, which is 23,244 square feet. Athlete’s Foot has given Margolias a six-month commitment for the entire 116,112-square-foot warehouse space allowing Margolias time to find a replacement tenant and anticipates offering delivery of that space sometime in the fall of 2004.
The balance of the 23,244 square feet of Class B office space is currently being offered for lease. Atlanta Leasing Associates LLC was engaged to handle the leasing for Margolias Realty Group.
Rusty Epperson of Wilson, Hull & Neal represented the seller, TAF Real Estate LLC. Peter Greyling and Ernie Baker of Richard Bowers & Co. assisted Margolias Realty Group.
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