By Andy Peters CoStar News
OmniMax International, a maker of roofing products, renewed leases totaling about 500,000 square feet of industrial space in the Atlanta, Philadelphia and Sacramento markets as it prepares to be acquired by a larger building materials company.
OmniMax's leases are for space at three industrial buildings, according to a news release and public records. The Peachtree Corners, Georgia-based company retained the same amount of space in all three properties. Financial terms weren’t disclosed.
Gibraltar Industries agreed to acquire OmniMax in November for $1.34 billion in cash. The deal is expected to close by June. Gibraltar obtained $1.3 billion in loans from Bank of America, Wells Fargo and KeyBanc Capital Markets to finance the acquisition.
The OmniMax industrial lease renewals were completed for the following locations:
231,000 square feet at 4455 River Green Parkway in Duluth, Georgia.
108,000 square feet at 1835 Diesel Drive in Sacramento, California.
105,000 square feet at 900 Jacksonville Road in Ivyland, Pennsylvania.
The California building owner is Libitzky Property, and the owner of the Pennsylvania property is Evergreen Resource Management, according to CoStar data. The owner of the Georgia property has not been identified.
OmniMax makes roofing accessories and gutters for residential structures. It designs and manufactures products under several brand names, including Amerimax gutters, Berger roof-drainage systems and Hancock Enterprises roofing accessories.
Gibraltar, based in Buffalo, New York, manufactures and distributes a wide range of building materials, including foundation ventilation products, solar panel racks and canopies.
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