TDK facility in Peachtree City sold

Fri, 11/16/2007 - 2:12pm
By: The Citizen

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

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Xaymaca's picture
Submitted by Xaymaca on Sun, 11/18/2007 - 12:34pm.

I have never heard of an industrial condominium before so I did some googling and found this article

-reserved for something more clever to say

Submitted by susieq on Sun, 11/18/2007 - 1:07pm.

We had industrial condos in Fayetteville in the early 1980s where the county offices are now located on Stonewall. Before the courthouse burned.

mudcat's picture
Submitted by mudcat on Fri, 11/16/2007 - 7:38pm.

So, let's see if we understand the TDK sale.
TDK hires Chet and Gus to sell their $6 million facility- which is actually only worth $4 million according to a local source who knows an involved appraiser.

Then they "market it aggressively" and sell it to a local investor.

And the grand finale is that Chet and Gus collect a $500,000 fee for just being there and getting in the way of a simple real estate transaction.

Wow! Is this a great country or what.

Submitted by McDonoughDawg on Fri, 11/16/2007 - 9:19pm.

is what someone will pay balanced against what someone will take. Without a meeting of the minds, no deal even gets headed toward the closing table.

If you're right, the marketers did their job and then some.

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