NEW ORLEANS, July 20, 2021 / PRNewswire / – Industrial Realty Group, LLC (IRG), one of the nation’s largest owners of commercial and industrial properties, today announced that it has signed a long-term ground lease with NASA’s Michoud Assembly Facility in New Orleans.
Agreement provides IRG with a long-term ground lease for a 50-acre development plot within NASA’s Michoud Assembly Facility (“MAF”), one of the country’s largest production facilities . IRG’s future development is expected to reach up to 1,000,000 square feet of buildings developed in phases. Target users include light assembly, manufacturing, distribution and offices. The MAF is inherently secure with a 19 ½ foot drawdown and substantial on-site pumps, as well as access to a deep water port.
“When we review a property, we are always looking for creative solutions that benefit all parties,” said Stuart lichter, president of the IRG. “In that case, IRG can provide NASA with an excellent long-term plan for its underutilized land in Parish of Orleans, while developing a dynamic project leading to job creation and economic growth. It’s mutually beneficial for the community, NASA and IRG. “
NASA Michoud is a successful site, supporting several major projects. The land lease will help support their continued efficiency and fiscal ingenuity.
“The agreement with IRG allows MAF to offset some production costs and gives a new purpose to this part of the facility,” said Robert Champion, director of the Michoud assembly facility at NASA. “Being innovative, even when it comes to our real estate, translates into increased efficiency in our operations.”
The first phase of development is expected to produce a modern 400,000 square foot warehouse. The project schedule will be based on market demand.
IRG is a national real estate development and investment company specializing in the acquisition, development and management of commercial and industrial real estate throughout the United States. IRG, through its affiliate partnerships and limited liability companies, operates a portfolio of over 150 properties in 31 states with over 100 million square feet of rental space. IRG is nationally recognized as a leading force behind the adaptive reuse of commercial and industrial real estate, solving some of the most difficult real estate challenges in the United States.
In 2021, IRG announced that the company (IRG Industrial, LLC) had received its first investment grade credit rating and issued $ 335 million USPP bonds, providing new capital to recapitalize assets and expand its industrial holdings in major US markets.
Learn more at www.industrialrealtygroup.com.
Senior Development Manager
Industrial real estate group
Industrial real estate group
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SOURCE Industrial Realty Group, LLC