HARRISONBURG, VA-Ply Gem Holdings has inked a 89,674-square-foot expansion lease at BPG Properties’ I-81 Distribution Center here, located at 4500 Early Rd. The three-year deal brings the 357,673-square-foot, tilt-up warehouse facility to full occupancy. Josh Gurland and John Lesinski of the Leland Group represented the landlord in this transaction.
The lease expansion illustrates a pick-up in demand for space in Virginia and parts of Pennsylvania by industrial users, Daniel M. DiLella, Jr., vice president of industrial properties at BPG, tells GlobeSt.com. "There is growing confidence among manufacturers that the market is in a long-term recovery now," he says.
The I-81 Distribution Center supports Ply Gem’s residential exterior building products manufacturing operation in Stuarts Draft, VA. The facility is expandable by 130,000 square feet and has been fully approved for the development of up to 301,000 square feet in a second warehouse building on a separate but adjoining parcel.
The uptick in industrial activity is not limited to Virginia. In general, multi-tenant, shallow-bay industrial assets is an attractive product type for institutional investors in the greater Baltimore-Washington Corridor, CBRE’s Jonathan Beard told GlobeSt.com in an earlier interview. "The land-constrained nature of the market and its consistent demand drivers make this one of the best performing industrial markets in the country.” Beard, along with colleagues Bo Cashman, Bruce Strasburg and Marc Rampulla, recently brokered the sale of an office-and-warehouse portfolio in Beltsville, MD, for $23 million.
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