(WEST VIRGINIA) – Hines, a global real estate firm, along with MetLife Investment Management (MIM), MetLife, Inc.’s (NYSE: MET) institutional asset management business, today announced the acquisition of the final site for the Tabler Station Logistics Park in Martinsburg, West Virginia, a fast-growing submarket in the Southern I-81 corridor.
Upon completion, the project will consist of three buildings with approximately 1.6 million square feet of industrial space on 140 acres of land. Phase two of Tabler Station Logistics Park will consist of an 860,720-square-foot Class-A industrial building, featuring 40-foot clear heights, 70-foot speed bays, and abundant trailer storage. Construction on phase two will commence in August, with Santander providing the construction financing. Phase one of the industrial park is nearing completion and is comprised of two 365,000-square-foot logistics buildings.
“Martinsburg is a fast-growing market, and occupier demand for Class-A industrial space continues to outpace existing supply,” said Tom Griggs, managing director at Hines. “We plan to commence construction immediately to capitalize on the high demand for best-in-class, large-format logistics space.”
“MetLife Investment Management is pleased to be working with Hines on this state-of-the-art facility in a strategically situated, logistics-oriented location along I-81. This fits our strategy for investing in well-located, Class A industrial properties with access to large population centers,” said Jeanine Lester, VP DC regional office at MetLife Investment Management.
Given its Martinsburg location, Tabler Station Logistics Park allows service to the Washington D.C. market, in addition to Baltimore, Richmond, Pittsburgh, Philadelphia, and New York in less than four hours. The park is within a one-day drive of four of the top 10 United States (U.S.) Metropolitan Statistical Areas (MSAs) and more than 30% of the U.S. population. This along with the region’s greater availability and access to a large labor force is appealing to both logistics and manufacturing tenants. Furthermore, Martinsburg is home to one of Proctor & Gamble’s largest manufacturing facilities on the East Coast.
Hines’ East Region including New York/Tri-State, Washington, D.C., Greater Boston, and Philadelphia metro areas, currently has 2.2 million square feet of industrial development under construction and another 4.8 million square feet in the pipeline.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 285 cities in 28 countries. Hines oversees investment assets under management totaling approximately $90.3 billion¹. In addition, Hines provides third-party property-level services to 373 properties totaling 114.2 million square feet. Historically, Hines has developed, redeveloped or acquired approximately 1,530 properties, totaling over 511 million square feet. The firm currently has more than 198 developments underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a foundational commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information. ¹Includes both the global Hines organization as well as RIA AUM as of December 31, 2021.