News
BIG INDUSTRIAL FORECLOSURE
July 19, 2010
| It's Monday, and we've got foreclosures on our mind. As much as we wish it was a bad dream (Inception has us thinking), it's reality. And while office buildings typically get the big headlines when it comes to this news, today we're hearing about a monster industrial foreclosure on Atlanta's far southside. |
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| Prudential has initiated the foreclosure process on the 1.3M SF distribution center at 8400 Tatum Rd. in Palmetto, according to a legal ad in the Daily Report. The building, shown in this CoStar photo, will be auctioned Aug. 3 at Fulton County courthouse unless Prudential and borrowers J.M. Pacific Enterprises and Palmetto Industrial Properties can reach an agreement on a $15M loan. The massive building at one time housed a FEMA warehouse but is now available. The property's appraised value is more than $37M, the county says. A Cushman & Wakefield team led by Ray Stache leases the building. |
