The multinational tenant will be using its new space in the facility, called Gateway at Riverside, to consolidate its regional distribution operations and maximize operating efficiencies. The 800,000-sf warehouse, which was constructed in 1990 as a build-to-suit for GE Appliance, has been newly renovated. As part of its lease, P&G retained the option to expand to full capacity. Located in Hartford County, the 30-foot clear tilt-up distribution warehouse sits on 46 acres.
An affiliate of Preston Capital Management, Preston Waters and Urdang purchased the property in Jan. 2005. David Scheffenacker of Preston Waters, says in a prepared statement that "the fact than international company such as Procter and Gamble chose our property over the many others available speaks volumes about the quality and functionality we offer our tenants at Preston Capital Management Inc." Preston Waters did not return a call in time for deadline. Pellington was not available for comment.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
