In-Service Property Results and Leasing Activity- Becknell owned and controlled 131 in-service properties, totaling 14.2 million square feet. The portfolio was 93.2 percent occupied on a square foot basis. During 2016, the Company signed new leases totaling 170,000 square feet with a weighted average lease term of 5.3 years.
“Becknell is off to a great start in 2016. Our development pipeline remains strong and, at a 94 percent tenant retention rate, our existing portfolio continues to provide substantial value,” said Dan Harrington, Chief Executive Officer and President.
To date in 2016, Becknell Industrial placed in-service six developments totaling $54.6 million. Combined, these developments include nearly 1.1 million square feet and have a weighted average lease term of 8.5 years.
As of June 30, 2016, the Company had 11 additional projects under active development totaling more than 1.8 million square feet that are 54.3 percent pre-leased with a total projected investment of $136.9 million.
Development highlights include the following 2016 new starts totaling 1.2 million square feet and greater than $105 million through July 31, 2016:
A 252,000 square-foot facility for Best Buy, in Denver, Colorado;
In Davie, Florida, a speculative development project totaling 130,350 square feet;
A 478,400 square-foot development in Orlando, Florida that is 65 percent pre-leased to Sherwood Bedding and Mattress Firm;
Located in the Company’s NorthWind Crossings Business Park in Hobart, Indiana, a 124,800 square-foot facility for NB Coatings, a subsidiary of Nippon Paint;
In Greenfield, Indiana, a 100,000 square-foot facility that is 100 percent leased to Landsberg Orora, which provides complete custom packaging solutions and commodity packaging products to fulfill all business needs;
Located in Perry Industrial Park, on the northwest side of Indianapolis in Whitestown, Indiana, a 68,250 square-foot development project that is 100 percent leased to CSL Plasma, one of the world’s largest collectors of human plasma; and
In Westchester, Ohio, a speculative development project totaling 138,750 square feet;
“Our continued ability to expand our brand across a variety of industries throughout the U.S. speaks volumes to our vertically integrated delivery system,” said Mark Shapland, Executive Vice President and Chief Operating Officer. “This diversity exemplifies our ability to serve clients of all disciplines regardless of size or location.”
To date in 2016, Becknell completed one acquisition totaling 113,500 square feet in Wichita, Kansas that is 100 percent leased to American Tire Distributors, one of the largest independent suppliers of tires to the replacement tire market.
Building Relationships | Developing Solutions
Becknell Industrial specializes in the development, investment and management of industrial properties across the United States. The company currently owns interests in 142 properties totaling nearly 17 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.