Becknell Industrial Announces 2014 Results

INDIANAPOLIS, IN--(Marketwired - February 24, 2015) - Becknell Industrial announced today financial results for the year ending December 31, 2014.

"Becknell had an exceptional fourth quarter -- a strong finish to a very successful 2014," said Dan Harrington, Chief Executive Officer and President. "We completed a record number of acquisitions, nearly 70 percent more than in 2013, and "more than doubled the volume of developments placed in-service."

In-Service Property Results and Leasing Activity
As of December 31, 2014, Becknell owned and controlled 116 in-service properties, totaling nearly 11.8 million square feet. The portfolio was 98.6 percent occupied on a square foot basis, a 23 basis point increase from December 31, 2013.

During 2014, the Company signed new leases totaling 142,364 square feet with a weighted average lease term of 6.0 years. The Company's tenant retention rate was 91.0 percent for the year ending December 31, 2014, renewing nearly 1.2 million square feet of leases with leasing spreads of 11.5 percent on average rents and 7.1 percent on cash rents.

Investment Activity
During 2014, Becknell completed $85.7 million of acquisitions at a weighted average cap rate of 7.9 percent. These 12 properties totaled nearly 1.9 million square feet and were 100 percent leased. These included:

  • A 80,780 square-foot distribution facility located in metro Atlanta in Conyers, Georgia, leased to Precision Corr, LLC and Southern Pipe & Supply Co., Inc.;
  • In Smyrna, Georgia, a 101,500 square-foot distribution facility leased to MeadWestvaco and Alside;
  • A 132,315 square-foot distribution facility located on the southeast side of Indianapolis in Greenwood, Indiana, leased to Poly-Tainer, Inc. and United Natural Foods, Inc.;
  • In Louisville, Kentucky, two industrial facilities totaling 403,961 square feet. The first totals 177,750 square feet and is leased to American Cold Storage and Filtrona Plastics. Totaling 226,211 square feet, the second building is fully leased to Southern States Cooperative;
  • A 101,255 square-foot distribution facility located on the northwest side of St. Louis in Earth City, Missouri, leased to Automation Services;
  • Located just outside Cincinnati, Ohio in Forest Park, a 149,760 square-foot distribution facility leased to Serta;
  • In Grove City, Ohio, in southwest Columbus, two distribution facilities totaling 537,705 square feet. The first property totals 268,905 square feet and is leased to Pier 1 Imports and Express Point Technology Services, Inc. Totaling 268,800 square feet, the second property building is fully leased to GPS Consumer Direct, Inc. (The Gap).
  • A 131,150 square-foot distribution facility in Lebanon, Ohio, leased to NIBCO, Inc.;
  • A 105,450 square-foot distribution facility in Pewaukee, Wisconsin that is leased to Anixter International; and
  • Located just outside Richmond, Virginia in Henrico, a 115,956 square-foot multi-tenant distribution facility leased to MeadWestvaco, Batesville Casket and Forward Air Solutions that also includes 3 pad ready sites that support an additional 564,500 square feet of planned new development.


During 2014, Becknell Industrial placed in-service six developments totaling $83.3 million. Combined, these developments include more than 1.2 million square feet with the five properties held for rental having a weighted average lease term of 11 years. As of December 31, 2014, the Company had 6 additional projects under active development totaling 815,120 square feet with a total projected investment of $47.3 million.

Development highlights include the following new starts:

  • Three speculative development projects in the Company's North by Northwest Business Park in Indianapolis, Indiana totaling 515,200 square feet. Started with zero percent leasing in August, the projects were 65% pre-leased at year-end;
  • Located in the Company's NorthWinds Crossing Business Park in Hobart, Indiana, an 18,120 square-foot facility for Sun Belt Rentals;
  • A speculative development project in the Company's Wingo Park in Spartanburg, South Carolina totaling 175,000 square feet; and
  • In Windsor, Ontario, Canada, a 107,200 square-foot build-to-suit for sale project for TRW.

"For 2015, we will continue to deploy capital through strategic acquisitions and build-to-suit developments. Additionally, we will target market driven speculative developments that mirror the success with our North by Northwest Business Park in Indianapolis," said Mark Shapland, Executive Vice President -- Chief Operating Officer.

About Becknell Industrial

Becknell Industrial specializes in the development, investment and management of industrial properties across the United States. The company currently owns interests in 122 properties totaling more than 12 million square feet. Vertically integrated, Becknell is responsible for every aspect of the project providing the decision-making authority and expertise to meet client expectations for a high-performance facility delivered on time and on budget. More information about Becknell is available at

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Shona L. Bedwell