PR Newswire
RICHMOND, Va. and ITASCA, Ill., Sept. 5, 2024
- New 106,376 sq. ft. facility provides more space, upgraded facility for PECO's operations.
- State-of-the art facility becomes PECO's primary location serving the greater Richmond metro area, also clients in Fairfax and Norfolk.
- Gen 1 facility meets standards for energy efficiency and sustainability in line with PECO's requirements.
- Lease executed at Port 801 brings building to 100% occupancy.
RICHMOND, Va. and ITASCA, Ill., Sept. 5, 2024 /PRNewswire/ -- Lingerfelt and Colliers are pleased to announce a 106,376 square-foot lease with PECO Pallet at Port 801, located at 801 Port Walthall Drive, Colonial Heights, VA. The transaction brings Port 801 to full occupancy. PECO Pallet, Inc. is one of North America's largest providers of rental pallet services to the beverage, grocery, and consumer products industries. The transaction establishes PECO's primary operating facility serving the greater Richmond business community as well as clients North to Fairfax, Southeast to Norfolk, and West into West Virginia.
PECO is the second of two tenants in operation at Port 801, which is a 239,448 square-foot ground-up speculative industrial warehouse project designed and constructed for Lingerfelt by ARCO Design Build in Q4 of 2022.
"This location provides PECO with the opportunity to establish a showcase facility serving our customers in this region," said Daric Schafer, PECO's Senior Director - Depot Operations for the U.S. and Canada. "The modern amenities designed into this facility support our goals to position PECO as a preferred employer providing superior, responsive pallet pooling services."
Schafer added that the new facility enables PECO to invest in and deploy additional automated sorting equipment to improve safety and operational efficiency, further supporting the organization's emphasis on sustainability and being a good steward of the environment. PECO previously operated from a site in South Richmond.
Colliers' Rob Dirom, Wood Thornton, and Frank Hargrove, III handled the transaction on behalf of Lingerfelt. Graham Stoneburner of Cushman & Wakefield | Thalhimer represented PECO.
John Mason, Senior Vice President of Development at Lingerfelt said, "We are excited to welcome PECO Pallet to Port 801, marking another successful milestone in our commitment to delivering high-quality industrial spaces in the Mid-Atlantic region. This lease highlights the strategic importance of Chesterfield County for logistics and distribution companies. We look forward to supporting PECO in their growth and operational efficiency as they continue to lead in sustainable pallet pooling solutions."
"Working with the Lingerfelt and PECO teams to execute this final transaction at Port 801 has been an honor," said Wood Thornton, Senior Vice President & Principal in Colliers' Richmond office. "We were lucky to work with Lingerfelt on this project from land acquisition through full lease-up of the project, and are excited to have been able to help PECO continue their steady growth in Central Virginia through this transaction."
PECO Pallet operates North America's second largest pallet rental network with some 90 pallet depots managing an inventory of over 20 million of its signature red, high-quality 9-block pallets. A leading provider of high-quality, reusable wood pallets across North America, PECO is committed to delivering cost-effective and sustainable pallet pooling solutions. Their robust, durable pallets support efficient supply chains for manufacturers and distributors, reducing waste and optimizing logistics.
Pallets are the primary platform on which businesses stack, secure and ship products of all types in trucks, intermodal rail containers and other conveyance vehicles. PECO's network serves a variety of businesses including big-box retailers, club stores, consumer products companies, grocers, agriculture, and local and regional distributors.
About Lingerfelt
Lingerfelt is a vertically integrated real estate investment management and asset management company that is investing and developing throughout the Mid-Atlantic and Southeast. Together with its predecessors, Lingerfelt has maintained a reputation of quality and excellence in the commercial real estate industry dating back to 1957. Lingerfelt and its partners have built, acquired, and managed over 25 million square feet of commercial real estate valued at approximately $3 billion across the Mid-Atlantic and Southeast. To learn more, visit www.lingerfelt.co.
About Colliers
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 68 countries, our 22,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 29 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of approximately 20% for shareholders. With annual revenues of more than $4.4 billion and $96 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more at corporate.colliers.com, X @Colliers or LinkedIn.
About PECO Pallet, Inc.
Itasca, IL-based PECO Pallet is one of North America's leaders in pallet rental services and provides tens of millions of its red block pallets to major grocery and consumer goods manufacturers in the U.S., Canada, and Mexico. PECO Pallet's tremendous growth over the last 25+ years reflects the company's commitment to quality and service. Customers using PECO's superior pallets experience less product damage, greater efficiency, improved safety, and significant cost savings. For more information about PECO Pallet, please visit www.pecopallet.com.
For media inquiries, please contact: Rob Valentine, Principal, Lingerfelt | [email protected]
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SOURCE Lingerfelt
