It is always exciting to see large multi-million-dollar transactions occur in our area. With the recent news about Martinez, Evans and Thomson being listed as the top three healthiest housing markets in Georgia, we are likely to see more seven figure transactions.
This week, I wanted to mention one of the largest transactions in the area’s history. Charles Hock with Sherman & Hemstreet Real Estate Co., and Jay Willingham teamed up to sell the FLSmidth building at 475 Clear Sky Drive for $19 million. Both brokers are Society of Industrial and Office Realtors (SIOR) designees.
I followed what was happening with this property from its inception. It is a great example of how teamwork can yield large dividends. The building was constructed specifically for FLSmidth, a Danish company that has facilities in more than 60 countries and employs more than 10,000 people worldwide, according to the company’s website.
FLSmidth is a “global provider of sustainable productivity to the cement and mining industries,” according to the company’s website. The local facility produces filter bags that are used in a variety of industries but most commonly in the cement industry.
According to the Columbia County Development Authority website, FLSmidth employs approximately 170 local people.
Finding a site in the CSRA that would work for FLSmidth’s specific criteria was challenging. The site straddled the county line, partially in both Richmond and Columbia Counties. Both counties have excellent economic development authorities that were able to work together to make the deal happen.
The building was built specifically to fit FLSmidth’s needs, and the recent purchaser acquired the building strictly as a long-term investment property. FLSmidth plans to continue as a tenant in the building and use the site long term.
What is equally noteworthy was that both Hock and Willingham are SIOR brokers. SIOR is a small group of brokers who are the top in both the office and industrial property sectors nationwide.
SIOR is the most prestigious and sought-after designation in the commercial real estate industry. To become a member in Georgia, you must produce over $300,000 in commissions for three years in a row and complete a rigorous education regiment. SIOR’s are regarded as the top brokers in the industrial and office property brokerage arena.
It is always noteworthy when two or more SIORs are involved in one transaction, and in this case, the result was one of the largest single parcel sales prices in the history of the CSRA.