ELECTRIC COOP BUYS HQ LAND IN PAULDING
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|One day there could be office buildings. And warehouses. And a credit union. In the meantime, it's just a great buy.|
|That's how electricity cooperative GreyStone Power Corp is positioning its recent purchase of 180 acres in Paulding County to be used as a future corporate HQ campus. Meanwhile, we caught Ackerman & Co's Hunter Carpenter and Bobby Bresee, feeling rather jolly for brokering the sale on behalf of a local family. ?Greystone jumped through a ton of hoops to get this thing closed by the end of the year,? Bobby tells us. The property is at the northwest corner of Ridge Road and Highway 92. For Greystone, this is more a land play, taking advantage of depressed land costs for future growth. The company paid $30K/acre. ?Our long-range forecasts, which we prepare on a regular basis, alerted us to the fact that within the next 20 years, our facilities would become inadequate to handle the needs of our members,? Greystone CEO Gary Miller tells us. Greystone's current HQ is in a 150K SF building on Bankhead Highway in Douglasville.|