(MARTINSBURG, W.Va.) – Hines, the international real estate firm, along with an investor advised by MetLife Investment Management (MIM), MetLife, Inc.’s (NYSE: MET) institutional asset management business, today announced the start of construction on phase one for Tabler Station Logistics Park, which will deliver two Class A, industrial buildings in Martinsburg, West Virginia, a fast-growing submarket in the Southern I-81 corridor. Tabler Station Logistics Park will be Hines’ first industrial development in the firm’s U.S. East region and the second industrial project with MIM.
Totaling over 730,000 square feet, the first phase of the project is located on a 145-acre site with excellent access to I-81. Once complete, the overall project will consist of three buildings with approximately 1,600,000 square feet of industrial space. Both buildings in phase one will be 365,400 square feet and will include 40-foot clear heights at first column, cross-dock configuration with 450-foot building depths, 185-feet-deep truck courts and full building circulation with easily segregated car and trailer traffic.
With this Martinsburg location, the project is equipped to service not only the Washington D.C. market, but can also service markets in Baltimore, Richmond, Pittsburgh, Philadelphia, and New York in less than four hours. The project will be 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 driving the demand growth for more industrial space. Furthermore, Martinsburg is home to one of Proctor & Gamble’s largest manufacturing facilities on the East Coast.
“We are thrilled to expand Hines’ industrial presence to the East Region,” said Tom Griggs, managing director at Hines. “This is a strong, strategic market, with abundant labor and we look forward to delivering best-in-class logistics product to the area to meet future tenant and fulfillment needs.”
Construction on phase one of Tabler Station Logistics Park is expected to be completed in Q4 of 2022. The project was designed by Powers Brown Architects and Pennoni Engineering. phase one is being constructed by RS Mowery. Wells Fargo is providing construction financing for phase one, and Hines is partnering with MetLife Core Plus Partners (MCPP), a joint venture advised by MIM, comprised of institutional investors.
“We are excited to be a part of this project, which represents the second venture between Hines and MCPP,” said Jeanine Lester, managing director of the Washington D.C. region of MetLife Investment Management. “This is an exceptional opportunity to develop a state-of-the-art industrial project in the path of industrial growth.”
The Hines deal team includes senior managing director Chuck Watters, managing director Tom Griggs, director John Carroll, associate Julia Craig, and senior construction manager Eric Mitman.
About Hines
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 255 cities in 27 countries. Hines oversees investment assets under management totaling approximately $83.6 billion¹. In addition, Hines provides third-party property-level services to more than 367 properties totaling 138.3 million square feet. Historically, Hines has developed, redeveloped or acquired approximately 1,486 properties, totaling over 492 million square feet. The firm currently has more than 171 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 June 30, 2021.
About MetLife Investment Management
MetLife Investment Management, MetLife, Inc.’s institutional asset management business, is a global fixed income and real estate manager providing differentiated investment solutions to institutional investors worldwide. MetLife Investment Management provides institutional investors including corporate and government pension plans, insurance companies and other financial institutions with long-term public and private investment and financing solutions. MetLife Investment Management leverages a disciplined credit research and underwriting process to provide institutional investors with asset origination and acquisition opportunities and proprietary risk management analytics across public fixed income strategies, private placements, and commercial real estate debt and equity investing, among others. For more information, visit https://investments.metlife.com.
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
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