(CHICAGO, September 3, 2014) – Becknell Industrial announced today $43.7 million of acquisitions year to date 2014 at an average stabilized cap rate of 7.6 percent.
Properties acquired totaled 858,000 square feet and are 100 percent leased. Previously announced acquisitions 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, a 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 support an additional 564,500 square feet of planned new development.
In addition, new acquisitions include:
- In Louisville, Kentucky, two industrial facilities totaling 403,960 square feet. The first totals 177,750 square feet is and 47% leased to American Cold Storage, which offers a variety of services including handling, storage, processing/freezing and inventory control/communications and 53% leased to Filtrona Plastics, a manufacturer and distributor of plastics products including access hardware, casters, leveling mounts, circuit board hardware among others. Totaling 226,211 square feet, the second building is fully leased to Southern States Cooperative, which purchases, manufactures and processes feed, seed, fertilizer, farm supplies and fuel; and
- A 105,400 square-foot distribution facility in Pewaukee, Wisconsin that is 100% leased to Anixter International, a leading global supplier of communications and security products, electrical and electronic wire and cable, OEM supply fasteners and other small components.
"We continue to see solid opportunities across the country to acquire high quality properties leased to strong tenants in multiple markets," said Pete Anderson, Executive Vice President - Investments. “Becknell Industrial is uniquely positioned to execute on ‘one-off’ or small portfolio acquisitions delivering incremental cash flow accretion and portfolio enhancement to our investors.”
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