(To read more on the industrial market, click here.)
HARRISONBURG, VA-Philadelphia-based BPG Properties has acquired a warehouse/distribution asset here from Tenneco Automotive, which is vacating the building in order to relocate to larger facilities nearby. Located at 4500 Early Rd., the 357,673-sf I-81 Distribution Center-Harrisonburg can be expanded by an additional 100,000 sf.
The acquisition price, which was not disclosed, also includes the option of additional land development of up 300,000 sf over what is roughly a 50-acre site in the Shenandoah Valley industrial submarket. BPG says it will begin to lobby for municipal approvals to develop this acreage over the next few months. Approval to develop the 100,000 sf, as well as grading and utilities, is already in place.
John Skoglin, a broker in CB Richard Ellis' Baltimore office represented BPG in the transaction. John Lesinski and Joshua Gurland of Leland Group Commercial Real Estate LLC are the leasing agents for the property. BPG Investment Partnership VII LP, a private equity fund with equity commitments of $550 million, made the acquisition.
Built in 1996, the tilt-up concrete building features 32-foot clear ceiling heights, an ESFR sprinkler system, 32 loading docks and truck trailer storage. It is located Exit 243 of Interstate 81.
"The I-81 Distribution Center-Harrisonburg is an excellent addition to our growing industrial portfolio," says Daniel DiLella Jr., project executive of BPG who was responsible for the acquisition of the property, in a statement. "We believe the building's construction, design features and location along the I-81 Corridor will be attractive to users looking to expand into a proven, well located submarket."
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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.
