IDI Leases More Than Six Million Square Feet through Q2 2013: Memphis, Chicago, Cincinnati and Philadelphia Markets Lead Leasing Activity
Atlanta, GA (PRWEB) July 22, 2013 -- IDI, a leading full-service industrial real estate company based in Atlanta, announced today it surpassed six million square feet (6,067,005 square feet) in leasing activity between January 1 and June 30, 2013 across eight U.S. markets. This marks a 250 percent increase over the same period last year.
“Leasing activity for the first half of the year has been the strongest since 2006. As the industry continues to rebound from the recession, we are excited about what the future has in store for us, our tenants and the communities we serve,” said Tim Gunter, IDI’s President and Chief Executive Officer. “While these leasing numbers are indicative of our success this year, we remain committed to growing our portfolio the right way – with quality buildings and investments that offer long-term value.”
The Memphis market, which was IDI’s most active market in 2012, continues to be the most active market through June 30, 2013 in part due to two industrial property leases totaling 788,148 square feet. Additionally, the market saw the expansion of Crossroads Distribution Center to meet growing demand. Building L, slated to be 241,994 square feet with an October completion date, broke ground in June. Building D, scheduled to be 241,920 square feet and delivered in November, also broke ground in June. Crossroads B reached 100 percent occupancy in April with a 117,181 square foot lease.
The Chicago market has seen leasing activity reach more than one million square feet to date in 2013. Prairie Point West Building A reached 100 percent occupancy thanks to a 116,015-square-foot-lease with H&K International, Inc, a global supplier of stainless steel kitchen equipment and service solutions company to the food service industry
The Cincinnati market has seen leasing activity reach 729,694 square feet. Blue Buffalo, a premium pet food company, recently signed a 390,766-square-foot lease to bring Monroe Logistics Center B to 100 percent occupied. The market will also see the start of construction on Park North Building 4, a 649,116-square-foot facility scheduled to be delivered in early 2014.
The Philadelphia market recorded the largest lease of 2013, a 751,450-square-foot lease at Middlesex Center Building II Williams-Sonoma, a specialty retailer of high quality products for the home.
Since the market began improving from the Great Recession in mid-2011, IDI has started or delivered more than 12 million square feet of development in 11 states and has been the first to market with new inventory space in several cities, taking the lead as the industry moves out of the recession.
About IDI
With nearly 6 million square currently under development, IDI is one of the largest privately-held real estate companies in North America focused exclusively on industrial property. The company, headquartered in Atlanta, Georgia, provides development, investments, property management and leasing services to corporations, property owners, investors, financial institutions and real estate service providers. IDI has ownership or interests in 31 million square feet of investment grade assets, with $1.4 billion in company-owned and joint venture assets.
Since the company’s founding in 1989, IDI has built a reputation for delivering superior quality properties and service. To date, IDI has developed and acquired 151.1 million square feet of industrial space and completed more than 595 industrial facilities in the U.S., Canada and Mexico. The company’s joint-venture investment portfolio, focused on building long-term value, holds more than 16 million square feet of assets and manages a portfolio of 55 million square feet. For more information on IDI, visit http://www.idi.com. You can also follow us on Facebook and Twitter.
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Matt Scofield, Industrial Developments International (IDI), http://www.idi.com/, 404-214-3554, [email protected]
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