Southeast Container Closes on Purchase of 250,000-SF Building

WAPPINGER, NY-The $10.8-million sale of the 250,000-sf former Roe Movers/CHEP building here to Southeast Container at the Dutchess County Airport Park has closed, according to Re/Max Prime Properties, which was a broker in the transaction. Ron Reid, director of commercial real estate services for Re/Max Prime of White Plains and James Kraft, owner and principal broker of Kraft Real Estate of New York City, were the sole brokers in the sale of the building at 500 Airport Dr.

Dutchess County officials announced Southeast Container’s intent to acquire the building in late October of last year. The Winchester, VA-based cooperative of 18 Coca-Cola franchises acquired the building from Route 376 Associates, LP. Southeast Container intends to utilize the building as a manufacturing-and-distribution center of plastic beverage containers to be used by Coca-Cola. The seller was represented by in-house personnel, according to brokers involved in the deal.

Reid explained that he and Kraft negotiated a lease cancellation and buyout with former tenant CHEP, a pallet-and-container-pooling-services firm, and seller Route 376 Associates. They also carved out a preoccupancy agreement for Southeast Container, which has made extensive renovations to the facility.

Southeast Container took occupancy of the space last November. The value of all the transactions associated with Southeast Container’s purchase of the building exceeded $13.5 million, according to Re/Max Prime officials.

Representing CHEP in the buyout and the interim occupancy agreement with Southeast Container were Bob Scully, senior vice president of Corporate Advisory Services for Trammel Crow Co., and Eric Bickman of Prudential Serls Prime Properties.

Southeast Container had conducted a year-long search that involved 12 counties in the tri-state area before selecting the Wappinger facility. The firm employs approximately 800 associates in seven states and has stated it plans to employ about 80 workers at its new Wappinger plant.

The property was built in 1991 and had also been home for local moving company Roe Movers.