- New 106,376 sq. ft. facility provides more space,
upgraded facility for PECO's operations.
- State-of-the art facility becomes PECO's primary
location serving the greater Richmond metro area, also clients in
Fairfax and Norfolk.
- Gen 1 facility meets standards for energy efficiency and
sustainability in line with PECO's requirements.
- Lease executed at Port 801 brings building to 100%
occupancy.
RICHMOND, Va. and ITASCA, Ill.,
Sept. 5,
2024 /PRNewswire/ -- Lingerfelt and Colliers are
pleased to announce a 106,376 square-foot lease with PECO Pallet at
Port 801, located at 801 Port Walthall Drive, Colonial Heights, VA. The transaction brings
Port 801 to full occupancy. PECO Pallet, Inc. is one of
North America's largest providers
of rental pallet services to the beverage, grocery, and consumer
products industries. The transaction establishes PECO's primary
operating facility serving the greater Richmond business community as well as clients
North to Fairfax, Southeast to
Norfolk, and West into
West Virginia.
PECO is the second of two tenants in operation at Port 801,
which is a 239,448 square-foot ground-up speculative industrial
warehouse project designed and constructed for Lingerfelt by ARCO
Design Build in Q4 of 2022.
"This location provides PECO with the opportunity to establish a
showcase facility serving our customers in this region," said Daric
Schafer, PECO's Senior Director - Depot Operations for the U.S. and
Canada. "The modern amenities
designed into this facility support our goals to position PECO as a
preferred employer providing superior, responsive pallet pooling
services."
Schafer added that the new facility enables PECO to invest in
and deploy additional automated sorting equipment to improve safety
and operational efficiency, further supporting the organization's
emphasis on sustainability and being a good steward of the
environment. PECO previously operated from a site in South Richmond.
Colliers' Rob Dirom, Wood
Thornton, and Frank Hargrove, III
handled the transaction on behalf of Lingerfelt. Graham
Stoneburner of Cushman & Wakefield | Thalhimer represented
PECO.
John Mason, Senior Vice President
of Development at Lingerfelt said, "We are excited to welcome PECO
Pallet to Port 801, marking another successful milestone in our
commitment to delivering high-quality industrial spaces in the
Mid-Atlantic region. This lease highlights the strategic importance
of Chesterfield County for
logistics and distribution companies. We look forward to supporting
PECO in their growth and operational efficiency as they continue to
lead in sustainable pallet pooling solutions."
"Working with the Lingerfelt and PECO teams to execute this
final transaction at Port 801 has been an honor," said Wood
Thornton, Senior Vice President & Principal in Colliers'
Richmond office. "We were lucky to
work with Lingerfelt on this project from land acquisition through
full lease-up of the project, and are excited to have been able to
help PECO continue their steady growth in Central Virginia through this
transaction."
PECO Pallet operates North
America's second largest pallet rental network with some 90
pallet depots managing an inventory of over 20 million of its
signature red, high-quality 9-block pallets. A leading provider of
high-quality, reusable wood pallets across North America, PECO is committed to delivering
cost-effective and sustainable pallet pooling solutions. Their
robust, durable pallets support efficient supply chains for
manufacturers and distributors, reducing waste and optimizing
logistics.
Pallets are the primary platform on which businesses stack,
secure and ship products of all types in trucks, intermodal rail
containers and other conveyance vehicles. PECO's network serves a
variety of businesses including big-box retailers, club stores,
consumer products companies, grocers, agriculture, and local and
regional distributors.
About Lingerfelt
Lingerfelt is a vertically integrated real estate investment
management and asset management company that is investing and
developing throughout the Mid-Atlantic and Southeast. Together with
its predecessors, Lingerfelt has maintained a reputation of quality
and excellence in the commercial real estate industry dating back
to 1957. Lingerfelt and its partners have built, acquired, and
managed over 25 million square feet of commercial real estate
valued at approximately $3 billion
across the Mid-Atlantic and Southeast. To learn more, visit
www.lingerfelt.co.
About Colliers
Colliers (NASDAQ, TSX: CIGI) is a leading diversified
professional services and investment management company. With
operations in 68 countries, our 22,000 enterprising professionals
work collaboratively to provide expert real estate and investment
advice to clients. For more than 29 years, our experienced
leadership with significant inside ownership has delivered compound
annual investment returns of approximately 20% for shareholders.
With annual revenues of more than $4.4
billion and $96 billion of
assets under management, Colliers maximizes the potential of
property and real assets to accelerate the success of our clients,
our investors and our people. Learn more
at corporate.colliers.com,
X @Colliers or LinkedIn.
About PECO Pallet, Inc.
Itasca, IL-based PECO Pallet is
one of North America's leaders in
pallet rental services and provides tens of millions of its red
block pallets to major grocery and consumer goods manufacturers in
the U.S., Canada, and Mexico. PECO Pallet's tremendous growth over
the last 25+ years reflects the company's commitment to quality and
service. Customers using PECO's superior pallets experience less
product damage, greater efficiency, improved safety, and
significant cost savings. For more information about PECO Pallet,
please visit www.pecopallet.com.
For media inquiries, please contact: Rob
Valentine, Principal, Lingerfelt |
RValentine@Lingerfelt.co
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SOURCE Lingerfelt
