Lingerfelt Completes Major Lease Agreement with PECO Pallet
Lingerfelt Completes Major Lease Agreement with PECO Pallet
Lingerfelt has recently finalized an impressive 106,376 square-foot lease with PECO Pallet at Port 801, marking a significant milestone in its operations. This new facility offers PECO much-needed space and upgraded amenities to enhance their operational capabilities.
Enhanced Facility for PECO's Operations
The cutting-edge facility at Port 801 is designed to serve as PECO's primary location, effectively catering to the surrounding business community. PECO Pallet, a major player in rental pallet services in North America, primarily serves the beverage, grocery, and consumer products sectors. With this strategic move, PECO aims to strengthen its position in the market.
Full Occupancy at Port 801
With the lease executed at Port 801, the facility now boasts 100% occupancy, showing the growing demand in the area for quality industrial spaces. This newly developed site, constructed by ARCO Design Build, was completed in late 2022, proving to be a timely investment for Lingerfelt and contributing to the regional logistics landscape.
PECO's Operational Efficiency and Sustainability Goals
A spokesperson for PECO expressed excitement about the new facility, highlighting its role in showcasing modern amenities that support the company’s mission of being a preferred employer. This move will enable PECO to introduce advanced automated sorting equipment, promoting safety and operational efficiency while also aligning with their commitment to sustainability.
The Importance of Sustainability in Pallet Rental
PECO Pallet is dedicated to minimizing its environmental impact by providing durable, reusable pallet solutions that reduce waste and enhance supply chain efficiency. Their network of around 90 depots manages an impressive inventory of over 20 million pallets, reflecting their significant role in the industry.
Support for Local Economy and Logistics
John Mason, Senior Vice President of Development at Lingerfelt, expressed enthusiasm over welcoming PECO Pallet to Port 801, emphasizing the strategic value of this addition to the logistics and distribution industry in the area. The lease agreement demonstrates PECO's promising growth trajectory and Lingerfelt's continued commitment to quality in industrial real estate.
About Lingerfelt
Lingerfelt is known for its integrated approach in real estate investment and asset management across the Mid-Atlantic and Southeast regions. With a legacy dating back to 1957, the company has successfully managed over 25 million square feet of commercial properties valued at around $3 billion, solidifying its reputation in the market.
About Colliers
Colliers (NASDAQ, TSX: CIGI) is recognized for its diverse professional services and investment management, operating across 68 countries. With a team of 22,000 professionals, They continue to deliver exceptional real estate solutions, reflecting a strong growth pattern and commitment to excellent service.
About PECO Pallet, Inc.
With headquarters in Itasca, IL, PECO Pallet stands at the forefront of pallet rental services in North America, providing high-quality pallets to customers across various sectors. Their focus on quality and efficient service has lead to their exceptional growth and influence in the pallet industry.
Frequently Asked Questions
What is the significance of the lease agreement between Lingerfelt and PECO Pallet?
This lease secures a substantial facility for PECO Pallet increasing their capacity to serve a broader market while achieving full occupancy for Port 801.
How does this new facility aid PECO's operational goals?
The modern amenities in the new facility support PECO’s aim to enhance efficiency and sustainability by allowing for advanced automated sorting operations.
What does Lingerfelt’s real estate portfolio consist of?
Lingerfelt has built a strong portfolio primarily focused on the Mid-Atlantic and Southeast regions, managing over 25 million square feet of commercial real estate.
What role does Colliers play in this transaction?
Colliers facilitated the lease transaction between Lingerfelt and PECO Pallet, contributing their expertise in navigating the complexities of commercial real estate deals.
What other services does PECO Pallet provide?
PECO Pallet also emphasizes sustainability in their operations, focusing on cost-effective and environmentally friendly pallet pooling solutions for various industries.
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