1133 County Street
Outline
Equity Industrial Partners (EIP), a leading industrial real estate investment and development firm, exemplified their expertise in value-add opportunities with the successful acquisition and development of the property at 1133 County Street in Taunton, MA. This case study showcases EIP's strategic vision and commitment to revitalizing industrial spaces through significant property improvements and successful leasing agreements.
Acquisition and Initial Occupancy
In 2020, EIP acquired the property at 1133 County Street. At the time of purchase, the building was 70% vacant, with only Paragon Distribution occupying 105,000 square feet of space. Recognizing the potential of the property and its strategic location, EIP set out to attract new tenants and revitalize the site.
Leasing Success with Red Line Freight Systems
In 2020/2021, EIP successfully signed a lease agreement with Red Line Freight Systems, a notable player in the freight transportation industry. This significant leasing deal involved substantial capital and Tenant Improvement (TI) work, highlighting EIP's dedication to enhancing the property's functionality and appeal.
Property Improvements
To accommodate Red Line Freight Systems' operational needs, EIP invested $2.6 million in capital and TI work. The improvements included the addition of 13 loading docks, providing enhanced logistics capabilities for the tenant. Additionally, EIP allocated $100,000 for the interior painting of the premises, elevating the aesthetics of the space.
The property enhancement also encompassed $540,000 for asphalt paving, contributing to the seamless movement of goods within the facility. Moreover, recognizing the importance of trailer storage for Red Line Freight Systems, EIP added a 45-trailer storage yard, catering to the tenant's specific requirements.
Success Story: A Transformed Industrial Hub
The case study of 1133 County Street demonstrates Equity Industrial Partners' prowess in value-add real estate investment and development. The strategic acquisition, substantial property improvements, and successful leasing agreement with Red Line Freight Systems exemplify EIP's commitment to revitalizing industrial spaces and attracting high-profile tenants.
Conclusion
Equity Industrial Partners' successful transformation of 1133 County Street into a vibrant industrial hub highlights their expertise in value-add real estate investment and development. The strategic acquisition, extensive property improvements, and leasing triumph with Red Line Freight Systems showcase EIP's dedication to creating premier industrial spaces. By investing in significant property enhancements and securing prominent tenants, EIP has solidified their position as a trusted leader in the industrial real estate market, delivering superior value and performance for their portfolio.
