Logistics Company Signs Lease in SC Center
- Jan 06, 2016
STAG Industrial, Inc., has signed a third-party logistics company to a two-year, 154,000-square-foot lease at a distribution warehouse building located in Duncan, S.C.
“This facility is an institutional quality asset well positioned in the market with appeal to a broad range of potential users,” David Barker, STAG’s senior vice president and regional director – East, told Commercial Property Executive. “This warehouse/distribution building is fully conditioned to allow for climate control, making it one of the only industrial buildings available in the market to offer this feature.”
The tenant is a third party logistics provider using the warehouse space to store and ship a product that requires exact temperature ranges.
“The tenant is servicing a large, multi-national client with strict climate control requirements and testing procedures, making the subject building an ideal fit for the tenant,” Barker said. “The building appeals to a large and diverse tenant base and was able to meet the requirements of a growing third party logistics company with specific real estate needs.”
The facility is located within a short distance to the multi-national’s operations that the warehouse services, further demonstrating the attractiveness of the subject building.
According to Barker, the subject property represents the quality and versatility of STAG’s portfolio of institutional quality industrial properties.
STAG also recently signed a seven-year renewal lease for a 201,800-square-foot distribution warehouse building in Lexington, N.C., with a healthcare products company. Notably, in the 11 months ended Nov 30, 2015, STAG has executed 52 leases for around five million square feet of space.
These new and renewal lease deals indicate solid demand for properties owned by the Boston, Mass.-based REIT and it’s expected to maintain its growth momentum going forward. The company’s portfolio now consists of 282 buildings in 38 states with approximately 52.8 million rentable square feet.