Warehouse of Lafayette Plans Expansion After Selling Buildings

Posted by Indiana RealEstateRama

June 20, 2007

The Warehouse of Lafayette LLC has sold three buildings, acquired another and announced it will build more new facilities locally.

The sale to Boston-based STAG Capital Partners included a combined 466,400 square feet under roof on 22.3 acres, said Warehouse of Lafayette president Mark Castell. The buildings at 1520, 1521 and 1540 Kepner Drive house Toyota Tsusho America Inc., Caterpillar Logistics Services Inc. and Heartland Automotive.

The company expansions include acquisition of a 210,000-square-foot, 22-dock distribution center at 2580 S. 30th Street. Formerly occupied by Warren Industries/Mega Block, the space has been converted to a food-grade, regional distribution center for Monsanto, Castell said. “This acquisition was a perfect addition to our portfolio because of its size, and it allows us the opportunity to accommodate a request for immediate space.”

This summer, Warehouse of Lafayette plans to break ground on the first of a several-building project. It will be a 150,000-square-foot warehouse, manufacturing and distribution facility that can be expanded to 300,000 square feet as needs demand. A site has not yet been finalized. Plans are to open the first building by yearend.

“The building will be single- or multi-tenant and feature pre-cast concrete construction, 26’ ceilings and state-of-the-art fire suppression and security,” Castell said.

“This is one of those win-win economic development deals,” said Cinda Kelley, executive director of the Business and Industry Council at the Lafayette-West Lafayette Development Corp. “Warehouse of Lafayette makes a sale, then immediately re-invests in our community by adding new facilities.”

“It’s great to see a national company of STAG Capital Partners’ status looking at and, for the first time, investing in our community,” said Joe Seaman, president and chief executive officer of the Lafayette-West Lafayette Development Corp. “They obviously see the potential here, and that ’s a positive for us.”

Founded in 1987, The Warehouse of Lafayette LLC specializes in construction, development, leasing and management of industrial real estate. Through its contract warehousing division, the company provides material handling, storage, distribution and transportation services. The company currently owns or has under development more than 1 million square feet of space in the Lafayette area.

Founded in 2006 and headquartered in the Swezey Commerce Center, 337 Columbia St., Lafayette, the Lafayette-West Lafayette Development Corp.’s mission is to advance economic and community prosperity for a superior quality of life.

Source: Lafayette-West Lafayette Development Corp.

By Inside INdiana Business

Share it: These icons link to social bookmarking sites where readers can share and discover new web pages.