Devreco, LLC a locally owned and operated full service development firm, announced the purchase of 600 Glen Avenue, the former site of Labinal Power Systems, a 160,000 Square Foot Building on 12-Acres in the heart of Salisbury, Maryland.
In 1985, the Grumman Aerospace Corporation acquired the site in Salisbury for electrical wiring production. In 1994, the American defense budget was cut and the market became more competitive. In 2015, Labinal announced plans to move its Salisbury operations to Denton, Texas by the end of 2016. Approximately 100 of the more than 700 employees at the Salisbury plant relocated to the Denton plant. The transition was scheduled to occur in phases starting in May, 2015 through December, 2016 but the plant ended up closing two months early and the building was put on the market for sale.
“This building has been a staple in our community for decades, employing thousands of people. “The property has been out of sight for years as preforming government contract work. ” added Gillis. “It is now our responsibility to unveil the building to the public with new attractive facades and functional parking; we strongly believe this will attract new and expanding businesses to Salisbury, Maryland.”
“Repurposing infill development buildings in great locations such is 600 Glen Avenue a passion for us, we plan to leverage community needs and the opportunities to unlock maximum potential and breathe new life into 600 Glen Avenue.” said Brad Gillis, Principal with Devreco, LLC. “This redevelopment is the beginning of a new era for 600 Glen Avenue and serves as the foundation for business and economic development growth in Salisbury, Maryland.”
“This was a collaboration that started over two years ago when we heard Labinal planned to close the Salisbury facility,” said Henry H. Hanna, CCIM SIOR, of SVN – Miller Commercial Real Estate, who brokered the deal. “We formed an exceptional team that included Chris Peek, CCIM, John McClellan, CCIM and myself to work with Dave Ryan of SWED. In cooperation with Jim Hazard of E Smith Realty based in Dallas, Texas we completed an 18-month national search that concluded with Devreco, LLC as the buyer.”
Devreco, LLC settled the property in March of 2017 and is currently going through the approval process for redevelopment. They are currently seeking local, regional and national users to occupy this great opportunity to be part of this historical redevelopment in Salisbury, Maryland.
The building is currently available for Lease and/or Sale to prospective users. Please contact Devreco, LLC for leasing information (410) 543-2440, Brad@Devreco.com
More about Devreco
Devreco is a full service real estate development company offering custom solutions for land purchase, building program development, turnkey project management, obtaining permits and approvals, property management, market property, purchase, lease and lease/purchase options. The team works in conjunction with architects, government planners, engineers, surveyors, inspectors, contractors and leasing agents to manage the development process from concept to completion.