{"id":1004752426,"date":"2025-03-27T13:33:32","date_gmt":"2025-03-27T21:33:32","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004752426"},"modified":"2025-03-28T06:17:11","modified_gmt":"2025-03-28T14:17:11","slug":"skyrem-lands-long-term-lease-renewal-in-atlanta","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/skyrem-lands-long-term-lease-renewal-in-atlanta\/","title":{"rendered":"SkyREM Lands Long-Term Lease Renewal in Atlanta"},"content":{"rendered":"\n<p>Kittrich LLC has signed a long-term lease renewal with SkyREM at 5070 Phillip Lee Drive, a 400,800-square-foot infill industrial property in Atlanta&#8217;s Fulton submarket.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/5070-Phillip-Lee-Drive-Atlanta.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"600\" data-attachment-id=\"1004752428\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/skyrem-lands-long-term-lease-renewal-in-atlanta\/5070-phillip-lee-drive-atlanta\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/5070-Phillip-Lee-Drive-Atlanta.jpg\" data-orig-size=\"800,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"5070 Phillip Lee Drive, Atlanta\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;5070 Phillip Lee Drive SW, Atlanta. Image courtesy of SkyREM&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/5070-Phillip-Lee-Drive-Atlanta.jpg?w=800\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/5070-Phillip-Lee-Drive-Atlanta.jpg\" alt=\"5070 Phillip Lee Drive, a 400,800-square-foot in-fill industrial property in Atlanta's Fulton submarket\" class=\"wp-image-1004752428\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/5070-Phillip-Lee-Drive-Atlanta.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/5070-Phillip-Lee-Drive-Atlanta.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/5070-Phillip-Lee-Drive-Atlanta.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/a><figcaption class=\"wp-element-caption\">Kittrich LLC has signed a long-term lease renewal with SkyREM at 5070 Phillip Lee Drive in Atlanta. <em>Image courtesy of SkyREM<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>The property will receive significant capital improvements funded by SkyREM, including a new asphalt parking lot, LED lighting upgrades, new perimeter fencing, office and bathroom renovations, new loading dock packages and exterior painting. Its most recent renovation was in 2015.<\/p>\n\n\n\n<p>\u201cWe are pleased to announce that our valued tenant has renewed their lease on a long-term basis at the property. This infill, mission-critical facility remains essential in supporting their continued growth and success,\u201d Marc Civitillo, managing director of SkyREM, told <em>Commercial Property Executive<\/em>.<\/p>\n\n\n\n<p>The B Class property built in 1965 offers Kittrich, a global manufacturer and distributor of high-quality consumer goods, access to major highways like I-20 and is conveniently rail-served.<\/p>\n\n\n\n<p>The submarket is the third-largest industrial area in metro Atlanta. According to Lee Associates, it boasts superior connectivity and an extensive inventory, exceeding 128 million square feet.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/how-much-will-cre-investment-increase-this-year\/\">How Much Will CRE Investment Increase This Year?<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>In the second quarter of last year, net absorption slowed significantly, and its construction pipeline has also been minimalized, with fewer projects under construction than the previous year. Buildings larger than 500,000 square feet accounted for most of the new construction there last year, according to Matthews Real Estate Investment.<\/p>\n\n\n\n<p>In March, Costco acquired a 907,000-square-foot distribution center there.<\/p>\n\n\n\n<p>In January, 10 primarily industrial and warehouse distribution assets across seven states in the Northeast, Southeast and Midwest regions <a href=\"https:\/\/www.commercialsearch.com\/news\/skyrem-lands-170m-for-2-5-msf-industrial-portfolio\/\">received $170 million in financing<\/a> from SkyREM in a deal supported by JLL, which represented the borrower in securing a fixed-rate, five-year loan from Apollo affiliates.<\/p>\n\n\n\n<p>The properties, totaling about 2.5 million square feet, were 99 percent leased as of closing to 15 diverse tenants across various industries, including warehousing, technology, aerospace, manufacturing, government and logistics. The approximate average tenure for the tenants is eight years.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A global manufacturer and distributor will continue to occupy the infill industrial property.<\/p>\n","protected":false},"author":3568,"featured_media":1004752428,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1489,21784,21748,21742,32781],"tags":[35596,51857],"class_list":["post-1004752426","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-atlanta","category-brokerage","category-industrial","category-latest","category-southeast","tag-matthews-real-estate-investment-services","tag-skyrem"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SkyREM Lands Long-Term Lease Renewal in Atlanta - 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