Provident Industrial Completes Successful Sale of Logistics Site

Author: Dominic Sanders Updated: 09-10-2024 03:15 PM

Provident Industrial's Gateway Logistics Park Sale Highlights Growth

Provident Industrial, a division of an established real estate company, recently announced its successful sale of Building III located within the Gateway Logistics Park. This noteworthy transaction was made with EQT Exeter, a key player in the global real estate market, known for its impressive portfolio that spans various asset types across continents.

Details of Building III at Gateway Logistics Park

The recently sold Building III marks a significant milestone, representing the third phase of development for the Gateway Logistics Park. This modern industrial facility boasts an impressive 345,394 square feet of space, featuring clear heights of 36 feet, and is equipped with 59 dock doors, along with 2 ramp doors. To cater to logistical needs, the facility includes a gated trailer staging area with 98 trailer spaces, successfully boosting the total trailer parking capacity to 173.

Strategic Location and Connectivity

Strategically positioned just east of the previously sold Buildings I and II, Building III offers advantageous connectivity to Loop 375. Furthermore, it is situated just 7.5 miles from a key border port, enhancing its appeal to businesses involved in cross-border logistics and distribution.

Successful Construction and Development Partners

The construction for Building III was completed efficiently, under the guidance of general contractor Harvey-Cleary, with logistical oversight from Pritchard Associates. This project was a collaboration involving Provident, WestStar Bank, and Singerman Real Estate. Led by Provident's Managing Director Case Van Lare and Chris Martin, the company has played a key role in addressing the increasing demand for industrial facilities.

Market Insights from Chris Martin

Chris Martin, Director of Southwest Industrial Development & Acquisitions, expressed enthusiasm over the decision to invest in this market. He noted, "Our investment in this area was driven by emerging trends in nearshoring and reshoring. The region has experienced remarkable growth as numerous companies move operations here. We’re thrilled about EQT Exeter's continued success and their commitment to expanding at Gateway Logistics Park."

Provident's Expanding Industrial Portfolio

In recent years, Provident has strategically expanded its industrial portfolio, now encompassing an impressive 7.9 million square feet currently under construction or in pre-development phases throughout various regions including Texas, Arizona, and the Carolinas. This growth trajectory exemplifies Provident's commitment to meeting the demands of the evolving industrial sector.

About Provident Industrial

With over three decades of experience in the real estate and investment landscape, Provident is a privately held firm that has successfully developed or invested in over $5.9 billion worth of real estate across the nation since 1991. Their expertise in navigating various market cycles supports their ongoing success and adaptability.

Frequently Asked Questions

What recent sale did Provident Industrial complete?

Provident Industrial recently sold Building III at Gateway Logistics Park to EQT Exeter, marking a significant transaction in the industrial real estate sector.

What features does Building III offer?

Building III includes 345,394 square feet of industrial space with 36-foot clear heights, 59 dock doors, 2 ramp doors, and a total trailer parking capacity of 173.

Why is Building III's location advantageous?

Its location provides excellent connectivity to Loop 375 and is near a key border port, making it appealing for companies involved in cross-border logistics.

Who were the partners in the development of Building III?

The project was a collaborative effort involving Provident, WestStar Bank, and Singerman Real Estate, along with contractors Harvey-Cleary and Pritchard Associates.

How is Provident Industrial expanding its portfolio?

Provident is expanding its industrial portfolio with 7.9 million square feet currently under construction or in pre-development in Texas, Arizona, and the Carolinas.

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