2020 was a challenging year for commercial real estate and nearly all markets around the globe, as the economic backlash of the pandemic took hold and affected multiple sectors. However, it was also quite a busy year for the SkyREM team, something for which we are incredibly grateful.
To end the year we wanted to take a look back with a recap of some of the activity that kept us very busy throughout 2020.
We Pack
- Building Type: Industrial
- Location: 107 Tom Starling Road, Fayetteville NC.
- Building SF: 947,000 SF Facility
- We Pack Lease: 208,000 SF
- Other tenants: Keeko Homestyles and Landair Logistics
Since purchasing the property, we have fully modernized it into a state-of-the-art asset, implementing a multi-million capital improvement plan consisting of interior and exterior LED lighting, a new loading dock expansion, roof replacement and refurbishment, rehabilitation of trailer storage lot with a capacity of 100 trailers, infrared testing of all electrical panels, and replacement and repairs to the HVAC systems.
You can read more about this project here.
Loading Docks
- Building Type: Industrial
- Location: 107 Tom Starling Road, Fayetteville NC.
- Building SF: 947,000 SF Facility
- Great interstate access and proximity to markets/ports in the Southeast U.S.
- Modern, state-of-the-art distribution, manufacturing, storage facility
- Generous clear heights of 32’
- Abundant parking and several trailer storage locations on the 120-acre site
- Generous “floor-to-door” ratios, with 66 current dock doors and 18 new dock doors- total 84 loading docks
- 100% wet sprinkler
Since the acquisition, we have fully modernized the property into a state-of-the-art asset, investing over $5.0 million in rent-ready and curb appeal improvements consisting of, but not limited to, interior and exterior LED lighting, a new loading dock addition consisting of 18 new loading docks with new tractor trailer staging area, new roof throughout with GAF’s Roof Shield IS warranty, new warehouse bathrooms and bathroom fixture replacement in existing office and warehouse bathrooms, expansion in size of 10 existing loading dock door openings, rehabilitation of the trailer storage lot with a capacity of 100 trailers, infra-red testing of all electrical panels, and finally, replacement and repairs to office heating and cooling systems.
With the addition of 18 new loading docks, the property is now 100% leased, with We Pack Logistics joining our long-term tenants, Keeco and Landair Logistics.
You can read more about this project here.
Bobs Solar
- Building Type: Industrial
- Location: Meriden, CT
- Tenant: Bob’s Stores (A division of EMS/Sports Direct)
- Solar Module/Panel Type: Hanwha Q. Peak L-G4.2 370w
- Module/Panel Count: 3,588
- Inverter Type: 9 SolarEdge 100k inverters and 3 SolarEdge 33.3k inverters
- System Size: 1.327 MW
- Optimizers: 1794 of P850
- Racking Type: Rooftop
- Monitoring: SolarEdge
- Monitoring System: UniRac Solar Mount Flush
The objective of this project was to reduce the client’s carbon footprint while at the same time saving costs on energy. The main challenge of this project was that the existing electrical connection in the building was not adequate for such a large solar system, which supplies nearly all of the tenant’s electric consumption. However, Sky Power was able to overcome this by installing a brand new five sectional “switchgear”, in order to greatly increase the electrical capacity at the site.
This project resulted in a variety of positive impacts on the business. Firstly, installing solar panels increases the overall value of the real estate. Secondly, it also improves annual cash flow. And finally, the installation of solar panels results in a whopping annual carbon dioxide reduction of 1016 metric tons of coal per year!
You can read more about this project here.
Medline Solar
- Building Type: Industrial
- Location: Meriden, CT
- Tenant: Medline Industries
- Solar Module/Panel Type: Hanwha Q. Peak L-G4.2 345w
- Module/Panel Count: 3,828
- Inverter Type: 9 SolarEdge 100k inverters and 3 SolarEdge 33.3k inverters
- System Size: 1.327 MW
- Optimizers: 1794 of P850
- Racking Type: Rooftop
- Monitoring: SolarEdge
- ZREC Monitoring System: Ion Eversource Monitoring
As the largest privately held manufacturer and distributor of medical and surgical supplies in the world, Medline was looking for a way to better manage the high energy needs of their Connecticut facility – already operating six days a week – while hopefully creating new savings. In addition, they needed to meet sustainability goals of the organization, including eliminating harmful carbon emissions from the local community.
With a mission to make a positive environmental impact, Sky Power, LLC (Sky), an affiliate of Sky REM, LLC, successfully proposed a PPA (Power Purchase Agreement) to our tenant, Medline Industries Inc. A SolarEdge smart energy system was chosen to ensure maximum power and safety. As a part of this cost-effective solution, Sky will own, operate, and maintain the new rooftop solar system, and sell the majority of the energy generated to Medline at a locked price for the term of their tenancy.
As one of the largest commercial solar projects in the Eversource utility system, Sky’s PV install will offset more than half of the Medline facility’s annual electricity usage. The project produces approximately 1,578,430 kWh of clean and renewable electricity annually and will substantially lower Medline’s utility costs.
You can read more about this project here.
ACME Ground Lease
- Building Type: Commercial
- Location: 309 South 5th Street, Philadelphia, PA
SkyREM, LLC acquired the ground lease of ACME Markets grocery store located in the prestigious Society Hill neighborhood of Philadelphia, PA. This rare and irreplaceable location is just three blocks from America’s most historic Square Mile – home to Independence Hall, the Liberty Bell and the National Constitution Center, among other U.S. landmarks.
The property has operated as a successful grocery store for over 50 years with excellent unit-level sales. Originally constructed in 1965 as an A&P Supermarket, the store’s operations were acquired by ACME in 2015 and the store was subsequently rebranded and fully renovated. ACME is the second-largest food and drug retailer in the Delaware Valley and operates as a wholly-owned subsidiary of Albertsons, one of the largest food and drug retailers in the country and third largest company, according to Forbes.
You can read more about this project here.
