GAF Materials Corp. got the manufacturing and distribution facility at 1301 Loadmaster Circle from its long-time supplier, AEP Industries Inc. of South Hackensack, NJ, and an abutting 14 acres from the city, the last of its local business park land after the newcomer pledged to create an initial 150 jobs in the city. "The Gainesville EDC really came to bear with some good economic incentives," Craig Hughes, director for Cushman & Wakefield of Texas Inc., tells GlobeSt.com. "Gainesville really stepped up to the plate." He and C&W's senior director Rick Hughes and associate director Noel Hutcheson represented the seller. The buyer's team was Trey Fricke, Mark Graybill and Carol Plowman with Lee & Associates DFW.
AEP vacated the building in May, but ceased production at the end of 2005 in a consolidation of locations that divvied the Gainesville operation between another site in Texas and one in Illinois. The manufacturing and distribution location went on the market about seven months ago. GAF Materials wasn't the highest of "three strong offers," but won AEP's nod due to long-time and ongoing business ties, according to Hughes.
Hughes says the extra land and ability to expand weighed heavily on GAF's decision to join in the bidding for the 20-year-old structure, which was expanded in 1989 and now is ticketed for more room. "I do think they're going to expand," he adds.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.