CHARLOTTE, N.C.-Bay Valley Foods has inked a monster lease at the Kings Mountain III warehouse and distribution center. The private label foods and food service goods provider is taking down 541,910 square feet of space at the property.
CB Richard Ellis Realty Trust represented Kings Mountain in the long-term industrial lease. The lease agreement includes extension and expansion rights, but specific terms of the deal were not disclosed. Bay Valley Foods will occupy the entire building beginning in May 2011.
“Bay Valley Foods conducted a concentrated and deliberate search across a wide spectrum of potential locations,” Phil Kianka, COO and executive vice president for CB Richard Ellis Realty Trust, tells GlobeSt.com. “The regional location, accessibility to excellent transportation routes and the ability to address the tenant’s specific operational needs offered a number of advantages that made Kings Mountain III a good fit for this outstanding tenant.”
Kings Mountain III is located along the Interstate 85 corridor, a major north-south trucking route connecting Atlanta to the Chesapeake Bay area ports. Bay Valley is a division of TreeHouse Foods, one of the largest manufacturers of pickles and non-dairy powdered creamer in the United States and one of the largest manufacturers of private label salad dressings, drink mixes, and instant hot cereals in the United States and Canada based on sales volume.
"This new lease agreement is an excellent result for our portfolio and a tribute to the discipline of our asset management team,” says Brian Welcker, director of Asset Management for CB Richard Ellis Realty Trust's advisor. “The lease represents a significant development for CB Richard Ellis Realty Trust and the local economies of Cleveland and Gaston Counties.”
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