WPT Industrial Real Estate Investment Trust has renewed two major leases in its distribution property located at 6579 West 350 North in Indianapolis, Indiana.
Leases were completed for approximately 288,943 square feet of distribution space to Formica Corporation and approximately 130,200 square feet of distribution space to Emerson Climate Technologies, a division of Emerson Electric Company.
The REIT also expanded a tenant in its 6766 Pontius Road facility located in Columbus, Ohio. The expansion of approximately 160,000 square feet was completed with Honeywell International, which is the sole tenant in the building and now occupies 100 per cent of the approximately 754,000 square foot property.
6579 West 350 North is a multi-tenant, Class A distribution facility totalling approximately 629,241 square feet of GLA. Built in 2002, the property features 32-foot clear ceiling height, ample dock doors, ESFR fire suppression and ample trailer and auto parking.
6766 Pontius Road is a single-tenant modern distribution facility, totalling approximately 754,000 square feet of GLA. Built in 2006, the property features 32- to 37-foot clear ceiling height, ample dock doors, ESFR sprinkler system, T-5 lighting and ample trailer and auto parking.
"We continue to see quality distribution tenants seeking out properties located in key distribution markets with state-of-the-art features that can enhance their supply chain operations. These recent lease renewals and this lease expansion underscore the continued benefits and competitive advantages of owning high-quality, functional real estate,” says Scott Frederiksen, chief executive officer.