May 31, 2011

Hartman Simons Helps Finalize Sale of Former NEC Distribution Center

By Jeremy Cohen, partner, Hartman Simons

Regency Technologies, which recycles computers and other technology assets, is the soon-to-be tenant of an industrial building in Austell that was formerly home to the National Envelope Corporation (NEC). The building was recently purchased by 2989 Humphries Rd., LLC.

Jeremy cohen I represented the seller, William Ungar, who, as Trustee of an Indenture of Trust, had owned the property since 1975. The property was occupied by NEC, a paper conglomerate, as the tenant and used as a warehouse/distribution center until NEC filed bankruptcy last year and rejected the lease. The local media has followed the story of this Cobb County facility closely, including an AJC story late last year about NEC’s decision to move.

In addition to handling the  legal aspects of the sale,  I also helped identify a buyer and negotiated the terms of the deal. The sale was contingent on the nearly nine acres of land being rezoned from light industrial to heavy industrial – which the Austell City Council approved this spring.

I am very pleased to see this deal close, especially in the current economic climate, and to know that I was able to add value for our client on a number of levels. At Hartman Simons, we take pride in knowing that we assist not only with the legal aspects of a transaction, but that we also act and think like a business partner to our clients. This is an example of that philosophy in action.



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