Gary Mabray of Colliers International's Houston office tells GlobeSt.com that Shin Etsu stamped a six-to-nine month lease for now, but is in negotiations to buy the property. The Freeport manufacturer is using the site for storage to complement its nearby complex, a two-plant operation on several hundred acres. A third plant is under construction and another on the drawing boards. Mabray says the company and its subsidiaries need the extra space to keep up with the rapid growth.
New York-based Cherokee BGI LLC is the warehouse owner. According to Mabray, Cherokee purchased the warehouse from RPM late last year. Cherokee completed a remediation of the Brownfield site and is now ready to sell the warehouse and its eight-acre tract. The building's main section was constructed about 25 years ago. It was expanded about 15 years ago. The warehouse has about 3,000 sf of office space.
Cherokee specializes in buying Brownfield sites, does the cleanup and then takes them to market. The Freeport property was part of an RPM portfolio acquired by Cherokee.
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