Provident Advisors acquired a 252,000-square-foot warehouse in Alpharetta, Georgia, for $40.2 million. Newmark arranged the sale of 3000 Marconi Drive. Newmark’s Casey Keitchen and Collin BeVier represented seller JDM Partners. JDM acquired the property in 2015. The building was delivered in 1995.
3000 Marconi Drive is fully leased to State Farm through 2030 and functions as one of the two national printing and imaging centers. The property offers 10 megawatts of power.
Newmark’s Keitchen commented on the property’s flexible nature: “If the current tenant were to vacate, the buyer (Provident) sees a clear path to repositioning this asset as a co-location data center due to its significant power capacity, fiber connectivity and favorable demand drivers.” Newmark earlier arranged a sale of the property’s sister asset, located in Irving, Texas.
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