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RIVERVIEW DISTRIBUTION CENTER

Riverview Distribution Center was a joint venture between Republic Property Company and Granite Properties. The 86-acre site, located in Atlanta’s Fulton Industrial submarket, was purchased in April, 2004 for $7.3 million ($85,000 per acre). Site work and demolition of an existing 400,000 SF, outdated warehouse ensued to make way for a four-building, 1.3 million SF bulk warehouse development. Building 400, a front load, 32’ clear, 265,200 SF warehouse was completed in late 2005 at a cost of $8.25 million ($31/SF). A tenant for 65% of Building 400 was signed in late 2006. With a user (Averitt Express) desirous of purchasing the remaining land and a softening market, the 49 graded acres were sold in February, 2007 for $12.25 million ($251,000 per acre). Building 400, no longer a strategic asset, was sold to Weingarten Realty in August, 2007 for $11.3 million ($43/SF).