BPG Properties on Friday announced that Rust-Oleum Corp. has signed a 100,000-square-foot lease at Hagerstown Distribution Center in Hagerstown, Md.
The value of the transaction was not disclosed.
The property, located at 16604 Industrial Lane, has been owned by BPG since January 2005. Constructed in two phases between 1985 and 1989, the building contains approximately 170,000 square feet of space with 30-feet clear heights, an ESFR sprinkler system, 25 dock doors, 135 paved parking spaces, 74 graveled parking spaces, excess trailer storage space and cross-dock capabilities. In total, the property encompasses 15.4 acres, which can accommodate up to an additional 100,000 square feet of buildable space.
Rust-Oleum Corp., based in Vernon Hills, Ill., manufactures rust-preventive, general purpose, decorative, specialty and professional paints. It also owns and operates two other facilities along Industrial Lane.
BPG Properties Ltd., the real estate manager for Berwind Property Group Ltd. and other major institutional investors, is a Philadelphia-based privately held real estate investment firm.
