Developer buys New Berlin Commerce Park for $10M

A Georgia developer has paid more than $10 million for New Berlin Commerce Park .

Georgia-based Oakmont Real Estate intends to start construction on a 386,000-square-foot facility that should be complete by the end of the year. The company could eventually build as much as 860,000 square feet on the 75-acre parcel at Faye and New Berlin roads.

The New Berlin Commerce Park, which could cost a total of $40 million to develop, was assembled by Schafer Development with one million square feet of industrial office space. Schafer is also developing Main Street Commerce Park in Jacksonville -- an 810,000-square-foot industrial, distribution and business park, which will serve the Jacksonville Port Authority.

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Based in Farmington Hills, Mich., Schafer Development has over 12 million square feet of planned industrial and manufacturing sites under development across the United States.