Patrick Industries, Inc., a parts manufacturer and distributor primarily for the RV, marine and manufactured-housing industry, is upping its investment in its home market of Elkhart, Indiana, by signing a 10-year lease on a warehouse with 227,358 square feet.
The long-term investment is a catalyst for the local economy, which has earned it a 2023 CoStar Impact Award for the lease of the year in South Bend, as judged by real estate professionals familiar with the market.
Founded in 1959 by Melvin D. Lung and incorporated in 1961, Patrick Industries began as a distributor of paneling to the Elkhart area's manufactured housing industry. This year, the company was ranked 30th on the list of Forbes' Best Small Companies in America.
The company also manufactures and distributes component products for residential housing, high-rises and the hospitality industry — including kitchen cabinets, office and household furniture, fixtures and commercial furnishings. The company operates coast to coast in various locations throughout the U.S. and Canada, according to its website.
The industrial warehouse at 5400 Beck Drive was built in 2018 and offers 28-foot clear height, six-inch thick floors, two 14-by-14-foot drive-ins, 24 external docks and heavy power, according to the leasing agent. Both the tenant and the landlord, George Cressy, were represented by James Skillen of Robert James, Inc.
About the Project: Patrick Industries signed a 10-year, triple net lease on a 227,358-square-foot warehouse at 5400 Beck Drive in Elkhart, Indiana, where the company also has its headquarters.
What the Judges Said: "This lease looks like a strong catalyst for economic activity in the market, and a contributor to economic development in the Elkhart area." — Davin Raiha, professor of real estate and economics, University of Notre Dame Fitzgerald Institute for Real Estate.
"Given the impact that the RV industry has on Elkhart County, the ability to retain such a large, recognized employer on a long-term lease is incredibly impactful for the greater South Bend/Mishawaka area." — Josh Miller, vice president of investments, The Sterling Group.
"Patrick Industries already has a nationwide network of over 250 manufactured housing facilities, but adding this one speaks to the potential increase in affordable housing solutions in the local area." — Jason Arnold, director of real estate development and architecture, University of Notre Dame Fitzgerald Institute for Real Estate.
They Made It Happen: James Skillen, president of Robert James, Inc.