One of Peachtree City’s pioneer manufacturing facilities has been sold, according to published reports.

GlobeSt.com said Friday that TDK Electronics Corp. sold its 269,000 square-foot manufacturing and distribution facility at 611 Highway 74.

The acquisition price was not disclosed, but real estate sources put the price tag at more than $6 million, according to GlobeSt.

Sutton & Edwards/TCN Worldwide senior executive director Gus Nuzzolese told GlobeSt.com that the building is a combination of a manufacturing, warehouse and assembly facility. TDK Electronics decided to sell the building to free up capital for other purposes.

Under the deal, TDK is leasing back approximately 100,000 square feet in the building, which is about 40 percent occupied.

“We aggressively marketed the property and there were several interested buyers,” Nuzzolese says.

TDK currently manufactures multilayer ceramic chip capacitors for use in electronic products.

When the plant first opened in Peachtree City, it manufactured a then-hot product: miles and miles of audio and video tape for cassettes by the multi-millions. TDK was at one time among the top five businesses in Fayette County in the number of employees.

Nuzzolese and Chet Lacy, senior vice president with Richard Bowers and Co./TCN Worldwide, represented TDK Electronics Corp.--a division of Garden City, NY-based TDK Corp.

The buyer was a locally based investor named John Tiernan.

The buyer plans to conduct extensive renovations to the property in order to lease up the free space or possibly convert it into industrial condominium space.

The building is located in an area that is largely residential and the buyer considered converting it to another use, but decided against it.

“This is an industrial building in a residential area; there is solid demand for users,” Nuzzolese says