560 Oak Street
Introduction
Equity Industrial Partners (EIP), a distinguished industrial real estate investment and development firm, demonstrated their expertise in transforming properties into thriving industrial spaces with the successful acquisition and leasing of the property at 560 Oak St in Brockton, MA. This case study highlights EIP's strategic vision and commitment to creating modern and sustainable industrial facilities.
Acquisition and Leasing Triumph with Sonepar Distribution
In 2007, EIP acquired the bank-owned property at 560 Oak St, which was 100% vacant at the time of purchase. Recognizing the property's potential and prime location, EIP set out to attract high-quality tenants.
In 2010, EIP signed a lease agreement with Sonepar Distribution, a renowned company in the distribution industry. To meet the specific requirements of their new tenant, EIP invested between $4 to $5 million in a gut renovation and white boxing of the premises. The renovation included a new roof and office build-out, ensuring a modern and functional space for Sonepar's operations. EIP's commitment to sustainability led to the installation of solar panels on the roof in 2017, reducing the property's carbon footprint and contributing to its environmental credentials.
Expansion and Continued Property Enhancements
In 2021, Sonepar Distribution decided to expand into the former Xpedited Services space, adding an additional 34,000 square feet to their occupancy. As a result, Sonepar now occupies the entire building, solidifying its status as a prime location for their distribution needs.
The expansion deal with Sonepar also included $270,000 in base building work, which involved essential upgrades such as new pit levelers and parking lot crack and fill. These enhancements further improved the functionality and efficiency of the property.
Success Story: A Modern and Sustainable Industrial Facility
The case study of 560 Oak St exemplifies Equity Industrial Partners' prowess in industrial real estate investment and development. The strategic acquisition, extensive renovations, and successful leasing agreement with Sonepar Distribution showcase EIP's ability to transform vacant properties into thriving industrial facilities. The commitment to sustainability with the installation of solar panels underscores EIP's dedication to environmental responsibility and creating modern, energy-efficient spaces.
Conclusion
Equity Industrial Partners' successful transformation of 560 Oak St into a modern and sustainable industrial facility highlights their expertise in value-add real estate investment and development. The strategic acquisition, extensive renovations, and leasing success with Sonepar Distribution demonstrate EIP's commitment to delivering exceptional industrial properties. By investing in sustainability and collaborating with esteemed tenants, EIP has solidified their position as a trusted leader in the industrial real estate market, providing superior value and performance for their portfolio.
