Lee & Associates recently negotiated two long-term industrial leases in Texas and Georgia valued at approximately $9 million, the company reported today.
The two buildings total 679,580 square feet of space and were leased on behalf of Rheem Sales Co., which manufactures heating and air conditioning units.
In the first deal, Rheem secured a lease for a 325,580-square-foot industrial building in Lewisville, Texas. Located at 1875 Waters Ridge Dr., the property will be used as a distribution center for Rheem’s heating and air conditioning (HVAC) units. Valued at $4.4 million, the long-term lease was the direct result of the company’s separation of its distribution network from its manufacturing facilities.
Teachers Insurance and Annuity Associations of America (TIAA) owns the Lewisville property.
In the second deal, Rheem inked a long-term industrial lease valued at $4.6 million in McDonough, Ga. Located at 250 Declaration Dr., the 354,000-square-foot facility will enable the company to distribute its HVAC equipment products throughout the Atlanta metropolitan area. The landlord is Duke Realty, L.P.
Lee & Associates provides commercial real estate services through more than 29 offices located in California, Arizona, Nevada, Missouri, Illinois, Michigan, New Jersey, Texas and Wisconsin.