AM General has signed a 10-year lease to use Great Lakes Capital's South Bend Distribution Center I.
The new center will offer more than 200,000 square feet and will be located off of I-90 at Dylan and Chet Waggoner Drive, in South Bend's most active industrial area.
"GLC partnered with the City of South Bend to develop SBDCI, as they both recognized the largely unmet, but high-demand need for large shipping and distribution centers that are centrally located within the Unites States," GLC said in a media release. "Their notion was vindicated when GLC signed AM General to a 10-year lease, prior to the building even being fully constructed."
Shipping from South Bend allows for minimal travel time to a significant portion of the country.
GLC is planning additional industrial development that is expected to be completed late spring of 2017.
From a Great Lakes Capital media release:
Locally-owned Great Lakes Capital (GLC), a real estate private equity firm, is pleased to announce they have signed a 10-year lease with AM General for their South Bend Distribution Center I (SBDCI), a new distribution center located just off I-90, at Dylan Drive and Chet Waggoner Drive in South Bend’s most active industrial area.
GLC partnered with the City of South Bend to develop SBDCI, as they both recognized the largely unmet, but high-demand need for large shipping and distribution centers that are centrally located within the Unites States. Their notion was vindicated when GLC signed AM General to a 10-year lease, prior to the building even being fully constructed.
Bradley Company, a full-service commercial real estate company, facilitated in putting this deal together. Senior Brokers, Greg Pink and Jeremy McClements, helped to lease the 210,000 square foot distribution center.
“Spec buildings have become a critical economic development tool providing businesses with the opportunity to meet their speed to market and risk mitigation needs. The forward thinking partnership between the City of South Bend and Great Lakes Capital in constructing this building mitigated the need for AM General to search outside of the South Bend-Elkhart region for a building that would meet their evolving needs,” said Regina Emberton, President & CEO of the Michiana Partnership, “In addition to supporting the growth of existing companies, spec buildings also drive traffic from businesses outside of the area who are searching across the country for product that will facilitate their expansion or relocation needs.”
Logistically, South Bend is a convenient stop for many regional and national freight companies, due to its proximity to the toll road, I-94 and multiple airports. As a result, shipping from South Bend allows for minimal travel time to a significant portion of the country. “SBDCI is located in an industrial area that has proven itself as a successful national logistics hub, as evidenced by two Fortune 100 companies having chosen to locate there within the past eighteen months,” says Jeff Smoke, Director of Development at Great Lakes Capital. “Not only is this an exciting deal for our local area, that also indicates positive implications for our economy down the road, I think the successful outcome demonstrates the potential for well-executed public-private partnerships. This remarkable deal would not have been possible without the partnership of the City of South Bend.” Due to the success of the SBDCI project and the significant interest large corporations are showing for space in the same location, GLC is planning additional industrial development which is expected to be completed late Spring 2017.
About Great Lakes Capital
Great Lakes Capital is a real estate private equity firm uniquely positioned to add value to real estate investments through development, redevelopment and opportunistically investing across the real estate spectrum and throughout the capital structure. We concentrate on several core asset classes, including office, industrial, retail, medical office, multifamily and other similar conforming product types as well as mixed use projects. As a market leader in new development we actively address the needs of our tenant partners in addition to speculative development meeting needs the market has not yet reacted to. For more information, please visit: www.greatlakescapital.com
About Bradley Company
With eight regional offices throughout Indiana and West Michigan, Bradley Company provides commercial brokerage services, commercial and multi-housing management, real estate tax consulting, maintenance services, project and facilities management, corporate services, capital markets services, research services and strategic planning. Bradley Company was founded in 1978 and employs over 250 professionals who manage nearly 2,500 multi-housing units, and over 10 million square feet of office, medical, industrial, and retail space. For more information, please visit: www.bradleyco.com