Becknell Industrial Reports 2017 Results

INDIANAPOLIS, March 12, 2018 (GLOBE NEWSWIRE) -- Becknell Industrial announced today financial results for the year ending December 31, 2017. 

Dan Harrington, Chief Executive Officer and President, said, "2017 proved to be another strong year for Becknell operationally and we stand poised for continued growth and success in 2018.  We increased in-service occupancy to over 96 percent and achieved 5.0 percent growth in same property net operating income on a cash basis.  Leasing for the year was phenomenal, with over 3.7 million square feet signed.  Our development platform also continued to generate robust growth, exceeding last year’s record level development pipeline with 3.75 million square feet and 18 projects underway at December 31, 2017.”

In-Service Property Results and Leasing Activity
As of December 31, 2017, Becknell owned and controlled 140 in-service properties, totaling 17.0 million square feet with an occupancy of 96.1 percent occupied on a square foot basis.

During 2017, the Company signed new leases totaling 853,000 square feet with a weighted average lease term of 6.0 years.  The Company’s tenant retention rate was 75.8 percent for the year ending December 31, 2017, renewing nearly 1.8 million square feet of leases with leasing spreads of 14.6 percent on average rents.

Investment Activity
During 2017, Becknell Industrial placed in-service 8 developments totaling $117.6 million.  Combined, these developments include nearly 1.4 million square feet and have a weighted average lease term of 11.2 years.

MarketTenantSquare FeetOccupancy
Aurora, COBest Buy 251,680 100%
Orlando, FLSherwood / Mattress Firm 478,400 80%
Belvidere, ILMagna International 221,844 100%
Hobart, INNB Coatings 124,800 100%
Mt. Comfort, INLandsberg Orora 100,000 100%
Whitestown, INCSL Plasma 68,792 100%
New Hudson, MIMagna International 42,500 100%
Westchester, OHPolymet / Kosei 138,750 100%

As of December 31, 2017, the Company had 18 additional projects under active development totaling nearly 3.7 million square feet that are 28% pre-leased with a total projected investment of $261.2 million.

MarketTenant                           Square FeetOccupancy
Davie, FLSpec 130,350 0%
Orlando, FLSpec 133,400 0%
Orlando, FLSpec 399,000 0%
Pompano, FLSpec 68,500 0%
Tampa, FLSpec 189,115 0%
Tampa, FLSpec 93,400 0%
Duluth, GASpec 155,520 0%
Downers Grove, IL Rexnord 250,859 100%
Merrillville, INSpec 182,000 0%
Plainfield, INSpec 357,000 0%
Whitestown, INMonsanto 143,000 100%
Whitestown, INSpec 281,400 0%
Fairfield, OHSpec 176,800 0%
Grove City, OHSpec 324,000 0%
Grove City, OHVeritiv 322,000 100%
Spartanburg, SCSpec 171,600 0%
Henrico, VABunzl / Spec 153,473 88%
Richmond, VAVeritiv 202,560 100%

Mark Shapland, Chief Operating Officer and Executive Vice President, said, "Becknell continues to be a valued partner with our clients as indicated by our ability to renew 76 percent of our expiring leases with cash rents increasing nearly 6 percent.  Of the 560,000 square feet that we did not renew, we were able to immediately lease 65 percent of this space to new tenants, increasing rents by 5.2 percent.” 

During 2017, Becknell completed the acquisition of two properties totaling nearly 320,500 square feet.

MarketTenantSquare FeetOccupancy
Reno, NVCimpress USA / Alltrade Tools 200,000 83%
West Chester, OHHammacher Schlemmer 120,493 100%

During 2017, Becknell Industrial sold 6 properties totaling $24.6 million.  Combined, these dispositions include more than 415,000 square feet. 

Market                                                                         Square FeetOccupancy
Weston, FL 90,620 0%
Stone Mountain, GA 15,000 100%
Champaign, IL 39,686 100%
Dupo, IL 160,000 100%
Latham, NY39,6860%
Mentor, OH 71,659 100%

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 158 properties totaling nearly 21 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

Contact Information: 
Shona L. Bedwell