A spokesman with the Indianapolis-headquartered company declinedto share specific details of the pending sale, only to confirm thatthe asset is under contract to a buyer. He tells GlobeSt.com thatthe sale would likely close upon the project's completion, which isestimated for Q3 2008. The broker involved with the sale is JohnHuguenard with Colliers Turley Martin Tucker, based inIndianapolis.

|

Though a sales price is not available, similar industrialprojects have traded for between $50 and $55 per sf. The facilityis being constructed on 87 acres on US 7, just east of Batesville,and one-quarter mile from Interstate 55. It's anticipated that theplant could employ up to 100 workers within 18 months. Oncecompleted, the facility will be the largest manufacturing plant inPanola County.

|

General Electric Corp., headquartered in Fairfield, CT selectedDuke Realty to develop the facility less than six months afterannouncing that Batesville would be its location. General Electrichas signed a long-term deal for the space with Duke.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.