ElmTree Funds is pleased to announce it recently closed on the acquisition of a new Class A distribution center being developed in Aiken, SC. The $8.5 million facility, which also includes supporting office space, will be occupied by Owens Corning under a 15-year lease.
The building will be connected to Owens Corning’s existing Aiken manufacturing facility on land adjacent to the property via two connectors. Owens Corning’s current Aiken, SC plant was opened in 1979 and has had three expansions since. The project will be approximately 175,000 square feet, exclusive of the connectors. Replacing an off-site warehouse currently located 30 minutes from the existing Owens Corning plant, the project intends to eliminate the cost, complexity and waste generated by the movement of product from the plant to the current warehouse.
About Owens Corning
Owens Corning (NYSE: OC) is a leading global producer of residential and commercial building materials, glass-fiber reinforcements and engineered materials for composite systems. A Fortune® 500 Company for 58 consecutive years, Owens Corning is committed to driving sustainability by delivering solutions, transforming markets and enhancing lives. Celebrating its 75th anniversary in 2013, Owens Corning is a market-leading innovator of glass-fiber technology with sales of $5.2 billion in 2012 and approximately 15,000 employees in 27 countries on five continents. Additional information is available at www.owenscorning.com.
About ElmTree Funds, LLC
ElmTree Funds, LLC (“ElmTree”) is a private equity investment firm based in St. Louis, with offices and affiliates in Charlotte, Boston, and New York that seeks opportunities in the commercial sale leaseback and net lease real estate markets. www.elmtreefunds.com
For more information, contact:
Julie Hauser, The Hauser Group, (314) 436-9090
James G. Koman, ElmTree Funds, (314) 261-7348