Lingerfelt Reaches Full Occupancy at Ashton Logistics Park
Lingerfelt and Colliers have announced a significant milestone at Ashton Logistics Park. A recent lease agreement for an 85,750 square-foot full-building lease with Shepherd Electric Supply has officially brought the park to 100% occupancy. This accomplishment not only demonstrates Lingerfelt’s commitment to industrial real estate growth but also highlights the rising demand for warehouse space in the area.
Details on the Lease Agreement
The lease pertains to Building 2 at Ashton Logistics Park. Shepherd Electric Supply, one of the oldest wholesale electrical distributors in the Mid-Atlantic region, signed this lease to boost its operations and expand its presence. Key contributors to this successful deal included Colliers' Wood Thornton, Rob Dirom, and Frank Hargrove, III, representing Lingerfelt.
About Shepherd Electric Supply
Founded in 1892, Shepherd Electric Supply is well-known for its dedication to customer service and offers a comprehensive inventory to meet client needs. Recently, it became a wholly owned subsidiary of Graybar, a major entity in the electrical and communications distribution industry. Graybar, based in Clayton, Missouri, reported impressive revenues exceeding $11 billion for FY 2023.
Overview of Ashton Logistics Park
Ashton Logistics Park features two buildings with a total of 523,407 square feet of Class-A industrial space, strategically situated in a developing industrial area. The project was designed and constructed by ARCO Design Build and was initially delivered with an 84% occupancy rate, underlining the area's attractiveness for industrial enterprises. The recent lease not only highlights Lingerfelt's strategy of investing in user-ready spaces but also enhances the overall success of the Ashton Creek node.
Comments from Lingerfelt Leadership
John Mason, Senior Vice President of Development at Lingerfelt, expressed his excitement about welcoming Shepherd Electric to the park. He remarked that this transaction reflects Lingerfelt's commitment to high-quality industrial real estate tailored for operational efficiency. Mason also pointed out the strategic benefits of Ashton Creek’s location, providing essential infrastructure and connectivity for companies aiming to succeed in the logistics sector.
About Lingerfelt
Lingerfelt is a reputable real estate investment management firm focused on the Mid-Atlantic and Southeast United States. Since its establishment in the 1950s, the firm has earned a strong reputation for identifying and capitalizing on profitable real estate investment opportunities. Its growing portfolio includes over 25 million square feet of commercial space valued at more than $3 billion. The company consistently aims to deliver exceptional returns for its investors and partners.
Frequently Asked Questions
What type of lease was recently executed at Ashton Logistics Park?
An 85,750 square-foot full-building lease with Shepherd Electric Supply has been executed.
Who managed the lease negotiations for Lingerfelt?
The negotiations were managed by Colliers' Wood Thornton, Rob Dirom, and Frank Hargrove, III.
How much total space does Ashton Logistics Park have?
Ashton Logistics Park has two buildings totaling 523,407 square feet.
What is significant about Shepherd Electric Supply’s recent lease?
The lease contributed to the park reaching 100% occupancy, marking a significant achievement for Lingerfelt.
What is the primary focus of Lingerfelt as a company?
Lingerfelt focuses on sourcing and investing in unique real estate opportunities that provide outsized returns for their investors.
