Costco Purchases 17.5 Acres in Alpharetta for Fifth Warehouse in Metro Atlanta
Atlanta - 12-01-2004 - The joint venture of Faison Enterprises, Inc. (www.faison.com) and MetroGroup Development (www.metrogroupdevelopment.com) announces the sale of 17.5 acres in Alpharetta, Ga. to Costco Wholesale Corporation (Nasdaq: COST) for an undisclosed amount. The transaction closed on November 23, 2004.
Costco plans to build a 132,000-square-foot membership warehouse with separate Tire Shop at the site, which is located at the intersection of Windward Parkway and Cumming Highway (State Route 9), west of Georgia 400 across from the Lowe’s and Kroger behind the Macaroni Grill. This will be Costco’s fifth warehouse opening in Metro Atlanta and the retailer’s first in the Alpharetta/North Fulton market. Construction has already begun and the warehouse is expected to open late spring or early summer 2005.
“For the past five years, Costco has been looking for the right location in Alpharetta,” explained Mike Cohn, senior managing director, Faison Enterprises, Inc. “We are pleased to deliver the ideal site for Costco to capture their piece of this explosive market.”
“We are excited to bring a new Costco to the residents of Alpharetta and North Fulton,” said Roger Campell, Costco’s senior vice president of the Southeast Region. “This new location will enable us to expand our presence in Metro Atlanta and serve our Members in this rapidly growing submarket. “
About Costco Wholesale Corporation
Costco currently operates 444 warehouses, including 329 in the United States and Puerto Rico, 63 in Canada, 15 in the United Kingdom, 5 in Korea, 3 in Taiwan, 5 in Japan, and 24 in Mexico. The Company also operates Costco Online, an electronic commerce web site, at www.costco.com. The Company plans to open five additional new warehouses prior to the end of the 2004 calendar year.
About Faison Enterprises, Inc.
Faison Enterprises, Inc. is a privately-held real estate investment company with a diversified product portfolio that includes retail, commercial and residential project development, management and acquisitions services. With more than 40 years in the business and holdings of approximately $1.3 billion, the Charlotte NC based company manages and develops properties throughout the South and Mid-Atlantic and maintains regional offices in Bethesda MD., Washington D.C., Charlotte NC, Atlanta GA, Orlando and Delray Beach, FL. For more information, visit www.faison.com.
About MetroGroup Development
Founded in 1997, MetroGroup Development has developed nearly 2 million square feet of retail, office and mixed-use properties in the Southeast, including more than 40 CVS Pharmacy stores in Georgia and Florida. Our experienced and dedicated team prides itself on delivering quality projects on time and on budget.
