(CHICAGO, June 10, 2014) – Becknell Industrial announced today $17.8 million of new acquisitions year to date 2014 at an average cap rate of 8.6 percent.
Properties acquired totaled nearly 350,000 square feet and are 100 percent leased. These include:
- In Smyrna, Georgia, a 101,500 square foot distribution facility leased to MeadWestvaco, a publicly traded global packaging company providing innovative solutions to the world’s most admired brands in the healthcare, beauty and personal care, food, beverage, home and garden, tobacco, and agricultural industries and Alside, a leading manufacturer of vinyl siding and accessories, vinyl windows and patio doors, and fencing and railing products for the residential and commercial remodeling and new construction markets.;
- A 131,500 square foot distribution facility in Lebanon, Ohio, leased to NIBCO, Inc., a worldwide provider of flow control solutions to customers in the residential and commercial construction, industrial and irrigation markets; and
- Located just outside Richmond, Virginia in Henrico, an 116,000 square foot multi-tenant distribution facility leased to MeadWestvaco, Batesville Casket and Forward Air Solutions that also includes 3 pad ready sites that can support an additional 564,500 square feet of new development.
"As we remain committed to pursuing strategic acquisitions that enhance the quality of our asset base, we are excited to add these buildings to our portfolio," said Mark Shapland, Executive Vice President - Chief Operating Officer.
About Becknell Industrial
Becknell Industrial specializes in the development, investment and management of industrial properties across the United States. The company currently owns interests in more than 100 properties totaling over 10 million square feet. Vertically integrated, Becknell is responsible for every aspect of the project providing the decision-making authority and expertise to meet client expectations for a high-performance facility delivered on time and on budget. More information about Becknell is available at www.becknellindustrial.com.
Shona L. Bedwell