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GRIMES DISTRIBUTION CENTER EXPANSION MEETS GROWING NEED FOR INDUSTRIAL SPACE IN CENTRAL IOWA

West Des Moines, IA (December 4, 2012) – Hubbell Realty Company is continuing development of the Grimes Distribution Center with a second building, 1350 SE Gateway Drive, located directly west of the current facility at 1300 SE Gateway Drive.  The new facility will be identical to 1300 SE Gateway Drive, totaling 110,000 square feet. It has the ability to accommodate tenant space requirements in 10,000 square foot increments with 24 foot clear ceiling height.  The building is scheduled for occupancy on June 1, 2013.

The expansion of the Grimes Distribution Center comes at a time when the Central Iowa market is witnessing an increased demand for distributing and manufacturing space. “High quality industrial space in excess of 50,000 square feet is currently in short supply,” stated Kyle Gamble, Senior Vice President and Managing Director CBRE/Hubbell Commercial. “The demand for this space is being fueled by healthy agribusiness and distribution industries.”

The Central Iowa industrial occupancy rate is 92%, which is above the national occupancy rate of 87%.  Grimes Distribution Center illustrates this data with 1300 SE Gateway Drive at 100% occupancy and 1350 SE Gateway Drive well on its way.  DSI Systems, Inc., a national distribution company, has signed a lease for 50,000 square feet, occupying almost 50% of the facility.

Grimes Distribution Center is owned and managed by Hubbell Realty Company. 1350 SE Gateway Drive is being built by Hubbell Construction Services. For leasing opportunities, contact Morey Knutsen or Jon Ledinsky at 515-224-4900 or visit CBRE/Hubbell Commercial online at www.cbrehc.com.

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