The acquisition involves the 222,200-sf building at 16E Chimney Rock Rd., which UPS has been using as a local distribution center for a number of years, occupying it on a leased basis. The acquisition price was not released, but industry sources put the number in the $12-million range.
The lease, an extension, is for the entire 33,600-sf building at 11E Easy St. within the park. UPS uses the building as an adjunct to the larger building, specifically for distribution support and sales offices. Terms were not released. Availabilities totaling approximately 88,000 sf in units from 2,400 sf to 27,000 sf are currently listed with asking prices of $5.75 psf net for industrial space and $12 per sf net for offices.
"This purchase and lease renewal come at a time when deals are few and far between," says Brian Banaszynski, vice president of leasing for Advance Realty Group. "MiddleBrook has been a regional home for UPS for years, and these deals extend their commitment to the park and to the region. The deals are also part of an ongoing trend of companies securing space in assets that are close to major transportation corridors."
MiddleBrook Crossroad's 20 single-story buildings are on a triangular site bordered by Routes 22 and 28, and I-287, with direct access via Route 22. The 16E building, at 222,200 sf, is by far the largest on-site, with the other 19 buildings all in the 24,000-sf to 51,000-sf range.
Advance acquired most of the industrial park from a local partnership in 2000, and completed the property's acquisition in 2003 when it bought the 16E building that it has now sold to UPS. Concurrent to its 2003 acquisition of the 16E building, Advance had negotiated a long-term lease with UPS and launched a major overhaul of the overall park.
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