2013-02-21 17:34:40 -
CHICAGO, IL--(Marketwire - February 21, 2013) -
Becknell Industrial announced today $84.0 million of new developments and acquisitions for the year ended 2012. The Company's new development starts of $38.0 million are all 100 percent leased.
"We are pleased that we continue to find solid development opportunities, as well as have the privilege to further grow with our existing clients. Through our continued long-term partnership with a large institutional investor, coupled with our $100 million line of credit, we are poised to execute new development and acquisition investments at a greater pace during 2013," said Dan Harrington, Chief Executive Officer and President.
Consistent with Becknell's strategy, the Company continues to secure repeat business with key customers by commencing the following build-to-suit developments across the U.S. in 2012:
- A 25,000 square foot distribution facility in Sanford, Florida;
- In Portland, Oregon, a 55,500 square foot distribution facility;
- A 20,200 square foot distribution facility in Missouri City, Texas; and
- In San Antonio, Texas, a 39,000 square foot distribution facility.
2012 development starts also included:
- In Liberty, Missouri, a 212,600 square foot facility that is 100 percent pre-leased to Cosma USA, a global automotive supplier; and
- A 100,000 square foot distribution facility in the Company's NorthWind Crossings Business Park in Hobart, Indiana that is 100 percent pre-leased to ITR North America.
The Company continued its strategy of utilizing its strong balance sheet to acquire additional industrial property throughout the U.S. Properties acquired in 2012 totaled $46.0 million at an average cap rate of 7.8 percent and were 100 percent leased. These included:
- In Phoenix, Arizona, a 100,000 square foot distribution facility leased to Graham Packaging;
- A 375,100 square foot distribution facility that is leased to Motor Coach Industries located in Louisville, Kentucky;
- In Columbus, Ohio, a 125,000 square foot distribution facility leased to MBM Corporation;
- A 101,900 square foot distribution facility leased to Autocraft Industries in Oklahoma City, Oklahoma; and
"Our investment team continues to do a great job identifying high-quality industrial assets with attractive growth prospects. Through our national development and acquisition platform combined with our strong balance sheet and access to capital, we are well-positioned to grow and strengthen our investment portfolio,"
- In San Antonio, a 198,000 square foot distribution facility leased to FAMSA.
said Mark Shapland, Executive Vice President - Chief Operating Officer."
The Company completed 1.1 million square feet of leasing during 2012, including more than 350,000 square feet of new development leases. The Company renewed 77 percent of leases up for renewal, Becknell's 8.0 million square foot portfolio is currently 97 percent occupied.
About Becknell Industrial
Becknell Industrial specializes in the development, investment and management of industrial properties across the United States. The company currently owns interests in 90 properties totaling 8.0 million square feet. Vertically integrated, Becknell is responsible for every aspect of the project providing the decision-making authority and expertise to meet client expectations for a high-performance facility delivered on time and on budget. More information about Becknell is available at www.becknellindustrial.com : ctt.marketwire.com/?release=11G003725-001&id=2650303&typ ..
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Shona L. Bedwell