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HAGERSTOWN, MD-Rust-Oleum Corp. has signed a 100,000-sf lease at Hagerstown Distribution Center, a 170,000-sf distribution facility located at 16604 Industrial Lane. The vacant property had been acquired by BPG Properties, the real estate investment manager for Berwind Property Group, in January 2005.
David O'Neill of Colliers represented Rust-Oleum. Michael McGugan and Rodney Judd of Grubb & Ellis represented the ownership. The previous tenant had been the Lenox Corp., which relocated to larger facilities three miles away.
Rust-Oleum owns and operates two other facilities along Industrial Lane, which was one factor in its decision to sign a long-term lease at the center, according to George Haines, project executive of BPG, who is responsible for the asset management of the facility. The proximity of its existing operations, "along with the building's expansion capability, high clear height, and trailer storage area made our asset the perfect fit."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
