Pepsi Bottling Ventures, Winston-Salem
In late 2019, Pepsi Bottling Ventures (“PBV”) was quickly outgrowing its warehouse and distribution facility in Union Cross Business Park in Winston-Salem, NC which they had occupied for over seven years as part of a long-term lease. The 525,000 SF facility served PBV’s goals in the Winston-Salem/Triad area, but the market offered limited opportunity to expand or move to a larger facility. Time was of the essence to find another facility and became top priority in the ongoing strategic consulting between the Davis Moore (“DM”) team and PBV.
After engaging with key stakeholders and decision-makers, Davis Moore was able to run a thorough and competitive process to secure the expansion space within four (4) months of initial engagement. Despite a tight industrial market and limited options, PBV secured 300,000 SF at Building II within Union Cross Business Park, with compelling economics and term alignment with its original facility.
Following a rifle-focused and proven process, DM was able to effectively negotiate on PBV’s behalf, and PBV took possession of the space in the spring of 2020. Post-pandemic, the industrial market has become increasingly competitive, and rents have risen as a result. Today, market asking rental rates are higher than what PBV will be paying at the end of its long-term lease.