VF Corp. bought Majestic Athletics in March 2007, and VF started looking for space soon after the sale. The clothing company is scheduled to move into the building November 2008. VF produces sportswear, jeans, image apparel and outdoor products. The parent company is headquartered in Greensboro, NC. Majestic has been family operated in Pennsylvania and the former owners wanted to keep the warehouse and employees in the Commonwealth.
"The new owners are investing in efficiency," Elky Wetherhill, regional partner and senior vice president of Verus Partners, tell GlobeSt.com. Verus Partners secured the deal for the buyer Cabot Properties. "They wanted to retain the labor force with this consolidation, this way; there will be no job loss."
Verus Partners, a development firm, and Cabot Properties, a private equity investment firm, are working as a joint-development to produce the build-to-suit-property for Majestic. The facility will produce Major League Baseball uniforms.
"What they are manufacturing there is Major League Baseball jerseys for players and fans," says Wetherhill. "To be official they have to be made in the US."
The lease term was not disclosed. "Technically it's a leased facility, but our intent is to be there for an extended period of time," Michael Johnson, director of marketing for Majestic Athletics, tells GlobeSt.com.
Bill Wolf and John More, of CB Richard Ellis, along with Wayne Troxler from Guilford Realty represented VF Corp. in the transaction. "It came down to consolidation and a more modern and better work environment for employees," Wolf, senior vice president at CBRE, tells GlobeSt.com.
The build-to-suit warehouse includes 28,000 sf of office space, 16 loading docks, 30-foot ceiling heights and one drive-in door. Verus Partners specializes in design, construction, leasing, finance and management of industrial, commercial, institutional and office facilities. The Norwood Co. is the general contractor.
"The new location will provide a better work environment for our employees, enable us to better serve our customers, and provide the platform for future growth of the business," John Levicki, vice president of supply chain for Majestic Athletic, says in a prepared release.
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