Stag buys property recently occupied by Kenco Logistics
March 18, 2019
Pittsburgh Business Times
Stag Industrial Holdings continues its buying binge in the region, scooping up the new 455,000-square-foot distribution center recently built at the Starpointe Business Park in Hanover Township, Washington County.
Property records indicate that Stag bought the building from its developer, Indianapolis-based Scannell Properties for $28.25 million, or about $62 per square foot.
Officials for Stag and Scannell were not immediately available for comment.
Pat Tracy, a principal for South Side-based TARQUINCoRE LLC who represents Starpointe, said the sale comes only a few weeks after its tenant, Kenco Logistics, celebrated moving in at the start of March.
"Kenco is very happy with the location as a logistics hub for them," said Tracy.
Kenco Logistics is a third party logistics provider working with Shell Lubricants, the engine oil and lubricant business of Royal Dutch Shell (NYSE: RDS.A), which will operate out of the new facility. The new distribution facility is to serve Shell's lubricant blending facility in West Virginia and not the company's new cracker plant in Potter Township Beaver County.
The investment is the third for Stag in the region so far this year and the fourth in the past six months.
It's the second property in the region in which an affiliate of Shell is a tenant. The company bought a new 266,000-square-foot building in Findlay Township last August that has been leased to Shell to use for parking by the construction crews working to build its cracker over the next few years.
very, very aggressive and they’re not the only ones with a lot of money in the
market right now," said Tracy.