History
Halpin Development, LLC and its affiliates have searched primary markets with growth opportunities along with secondary and tertiary markets in strategic locations for development. Throughout its history, Halpin Development has strived to bring economic development, as well as financial interest an equity, to its investors.
In 1997, Halpin Development chose the confluence of Interstates 76 and 79 in the Cranberry sub-market of Pittsburgh to design and develop a 430,000 square foot property. The topographical challenges of the northern Allegheny Mountains and the general stigma of a depressed economic culture dissuaded national developers from investing in the Pittsburgh, Pennsylvania market in the 1970s-1990s. Regional industrial development had gone to Columbus, Ohio or Harrisburg, Pennsylvania, both of which had less challenging topographies. The building covered only 25% of the site in order to attract manufacturers with heavy parking issues, as well as distribution users. Halpin Development contacted local users and learned that Emerson Electric was operating in three properties within the same park. Emerson consolidated in the property and leased 108,000 square feet, requiring 200-car parking. Halpin Development also approached Emery Worldwide, which managed operations for the USPS to sort Priority Mail. Emery required a sorting facility to be developed in the 215,000 square feet that it leased in the property. The requirement necessitated 500-car parking. Finally, McKesson Drugs leased the remaining 108,000 square feet in the property, which was named Speculative Development of the Year by the NAIOP. This development is the largest, speculative, industrial property in Pittsburgh’s history.
For the next four years, Halpin Development focused its attention on a site near the UPS Air Cargo Hub in Louisville, Kentucky. Halpin Development built two 400,000 square foot properties near the I-65 and I-265 interchange. Although there was REIT competition in the market, EA Sports, Jewish Hospital and EB Games chose Halpin Development’s properties for their principal distribution location and agreed to pay a 30% premium over market rent. The warehouses were the largest, speculative, distribution properties at the time in Louisville’s history and elevated the standard for industrial development in this market. The properties were sold for $32 million; the original development cost was $22 million.
Halpin Development acquired one of the most challenging sites in the Raleigh-Durham, North Carolina marketplace. It succeeded in mitigating twenty streams and relocating a cemetery from the center of the 45 acres. Every major developer in the market, including national firms, passed on the property with the impression that it could not be developed, despite the excellent location. The first building was developed and then sold to a local user, then FedEx acquired the balance of the property.
Halpin Development acquired rights to most of a proposed park being developed by the County of Milwaukee, across from Mitchell International Airport. Halpin Development then developed a 150,000 square foot property, which was leased to Stearns Equipment. Halpin Development sold the remaining acreage to a REIT. Halpin Development realized a 40% IRR on the deal.
In 2006, Halpin Development built a regional distribution facility for Interline Brands in the Pittsburgh market. Halpin Development captured the lease by finding a location that would serve the Ohio/Pennsylvania/West Virginia region. The location influenced the tenant to choose this development as its first facility after its IPO, although it had dozens of requirements across the country.
In 2009-2010, Halpin Development built a 240,000 square foot property in Jacksonville, Florida for a local logistics firm, and in doing so, successfully competed against several national developers for the deal, including Hillwood (Perot), ProLogis and ING Clarion. The venture realized a 44% IRR.
In 2012-2013, Halpin Development built a 220,000 square foot property in Denver, Colorado, leased to Interline Brands. Halpin Development was chosen over ProLogis as developer, although the property was developed in a ProLogis park and near the headquarters of ProLogis. The tenant was leasing space in eight ProLogis properties around the country. The development was named Development of the Year by NAIOP.
In 2015-17 Halpin Development was in Greenville, South Carolina. The 540,000 square foot, two building property was a former textile factory site. Monetizing state income tax credits exceeded the land cost, and, as a result, the value of the property is fifty percent greater than the net cost. Colgate Palmolive leased the first building, which is 300,000 square feet, and multiple tenants are in the second building.
In 2018, Halpin Development redeveloped the former Fort Pitt Bridge Works warehouse in Canonsburg, Pennsylvania. It had been abandoned decades ago. A Fortune 500 tenant preleased 40% of the 130,000 square foot property. The remainder of the property is currently occupied by Sarris Candies which later acquired the building.
In 2020 and 2022 Halpin Development worked with other developers to create two developments aggregating approximately 900,000 square feet in the Glendale, Arizona market. Halpin Development also worked with an investment partner to acquire land in Charleston that would go on to build over 1.4 million square feet consisting of three buildings in Camp Hall Commerce Center.
Halpin Development is currently pursuing opportunities in the following markets: Memphis, Montgomery and New England.