90 Nemco Way
Introduction
Equity Industrial Partners (EIP), a leading industrial real estate investment and development firm, demonstrated their expertise in value-add opportunities with the successful acquisition and leasing of the property at 90 Nemco Way in Haverhill, MA. This case study showcases how EIP transformed a vacant building into a thriving industrial space through strategic leasing decisions and substantial property enhancements.
Acquisition and Initial Leasing Success
In 2007, EIP seized a value-add opportunity by purchasing the buildings at 90 Nemco Way from Very Fine Juices. Subsequently, Very Fine Juices was acquired by Kraft, resulting in the vacation of the building. EIP recognized the potential of the property and set out to attract new tenants to reinvigorate the space.
Leasing to L3 and Property Enhancements
In 2008, EIP successfully leased the building to L3, a significant player in the aerospace and defense industry. To meet L3's specific requirements, EIP invested $4.6 million in the lease-up process, which included a build-out of 30,000 square feet of office space, upgraded electricals to support L3's sophisticated operations, and new dock packages to facilitate efficient logistics.
Additionally, recognizing the importance of maintaining a top-notch facility, EIP invested $500,000 in a roof replacement. This strategic decision not only ensured a safe and functional working environment but also showcased EIP's commitment to delivering quality properties for their tenants.
Integrated Construction Collaboration
The leasing deal with L3 also marked EIP's first collaboration with Integrated Construction, a testament to EIP's commitment to forming strong partnerships with reliable contractors and service providers in the industry.
Success Story: A Thriving Industrial Hub
The case study of 90 Nemco Way exemplifies Equity Industrial Partners' prowess in value-add investment and development. The strategic acquisition and successful leasing to L3 showcase EIP's ability to identify and capitalize on opportunities in the market. The substantial property enhancements and collaborations with trusted partners reflect EIP's dedication to delivering state-of-the-art industrial spaces.
Conclusion
Equity Industrial Partners' successful transformation of 90 Nemco Way into a thriving industrial hub underscores their expertise in value-add real estate investment and development. The strategic acquisition, leasing to L3, and substantial property enhancements demonstrate EIP's commitment to creating vibrant and functional industrial spaces. By investing in quality upgrades and collaborating with reliable partners, EIP has solidified their position as a trusted leader in the industrial real estate market, attracting top-tier tenants and delivering superior value to their portfolio.
