Red Rock Developments is Breaking Ground for a 829,948 SF Industrial Facility
Martinsburg, WV
Developer seeks tenant for Class A warehouse in Martinsburg
March 10,2022
MARTINSBURG, W.VA. — Red Rock Developments, along with strategic partner, Cresset Real Estate Partners, has broken ground on a major Class A speculative industrial facility in Martinsburg and is seeking to secure a tenant before the site’s completed construction in early 2023.
The development, located on Williamsport Pike in Martinsburg, will feature 829,948 square feet of space ideal for a distribution and fulfillment center. Once complete, the building will be equipped to facilitate cross-dock distribution operations including 40-foot clear heights, 156 exterior docks, four drive-in doors, 516 parking spaces for cars and 349 trailer parking spaces.
Martinsburg is strategically located for access to Interstates 81 and 70, major rail lines and inland ports, allowing a company to service the Baltimore, Richmond, Pittsburgh, Philadelphia, New York and Washington D.C. markets in less than four hours. The region is in an already established but underserviced area with many national retailers, eCommerce companies and third-party logistics firms. Local prominent tenants that have chosen to operate in the area include Walmart, FedEx and Macy’s.
“This new warehouse is a prime example of the kind of real estate and industrial assets West Virginia has to offer,” said West Virginia Department of Economic Development Secretary Mitch Carmichael. “I want to thank all of the good folks at Red Rock for their hard work on making this development possible. We look forward to our partnership in the region and can’t wait to welcome new business to Martinsburg and our great state.”
“The project will provide unprecedented logistics opportunities for a variety of large-scale industrial users,” John Barker, Jr., SIOR President and Chief Development Officer of Red Rock. “With access to a talented labor pool and the region’s top distribution networks, we’re confident users will require the strategic and geographic advantages Martinsburg can provide their operation. Red Rock Developments would like to thank the West Virginia Department of Economic Development and the Berkeley County Development Authority for their support.”
The building is being leased by Gerry Blindbury and Colin Potter of Cushman & Wakefield. For additional information please contact Cushman & Wakefield at 717.231.7290.
About Red Rock Developments
Red Rock Developments is a privately held real estate development and investment company headquartered in Columbia, SC, with a regional office in Charlotte, NC. Our core competency is in the industrial/distribution sector focused on strategic, gateway markets throughout the United States. Red Rock has developed over 25 million square feet of Class A industrial and office space and continues to grow its platform. Red Rock’s areas of expertise include build-to-suit/lease, speculative development, and industrial park/land development. The company currently has industrial projects located throughout the Southeast, Mid-Atlantic and Midwest regions.
About Cresset Real Estate Partners
Cresset Real Estate Partners leverages decades of relationships with industry-leading developers to secure off-market opportunities with advantageous structures. Our flexibility and speed allow us to capture desirable investments. Cresset Real Estate Partners currently oversees a portfolio of more than $3 billion. To learn more, visit www.cressetpartners.com.
Cresset refers to Cresset Capital Management and all of its subsidiaries and affiliates. Cresset Asset Management, LLC provides investment advisory, family office, and other services to individuals, families, and institutional clients. Cresset Partners, LLC provides investment advisory services strictly to investment vehicles investing in private equity, real estate and other investment opportunities. Cresset Asset Management, LLC, and Cresset Partners, LLC are SEC registered investment advisors.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com.