(To read more on the industrial market, click here.)
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."
Encompassing 15.37 acres, the center is located in Interstate Business Park, which contains 1.5 million sf of industrial space. It is approximately 45 miles from both Washington, DC and Baltimore.
Constructed in two phases between 1985 and 1989, the building contains 30' clear heights, 4,000 amp electric service, ESFR sprinkler system and 25 dock doors with mechanical levelers. The property can accommodate an additional 100,000 sf of buildable space. There are 135 paved parking spaces, 74 graveled parking spaces, excess trailer storage space and cross-dock capabilities.
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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.
