Phillips Tube Group Chooses Richmond!

Durbin Real Estate would like to thank Phillips Tube Group for choosing us to represent them on their first Indiana location as they aggressively expand into the Midwest Steel industry.  This decision by Phillips will bring good paying manufacturing jobs to our very own Wayne County!

On July 29, 2020 - Phillips Tube Group, a welded steel tube manufacturer, announced they will locate a new facility in Richmond, IN after purchasing the former Matthews manufacturing building located at 401 Industrial Parkway in the Eastern Indiana Industrial Park.

During this long process, Phillips Tube Group, originally had their eyes set for their Indiana expansion to be in New Castle, IN, even having a building under contract.  After long negotiations and having Phillips give us the opportunity to to showcase our great city, prime logistical location, as well as keeping an open mind to view one of our top of the line manufacturing facilities, Durbin Real Estate was able to establish trust with top leaders at  Phillips that our city was and is fully capable to accommodate all their manufacturing needs.

Phillips Tube Group is an industry leader offering fabrication-ready tubing, including small diameter tubing with special coatings and surface modifications to withstand the most extreme conditions. Customers include Chrysler, Ford, General Motors, Honda, Nissan, Toyota, Nortek and Lennox. The company plans to invest $8.2 million and hire 30 new full-time employees by 2024 paying an average hourly wage of $26.

For more information, you can also visit https://www.pal-item.com/story/news/local/2020/07/29/phillips-tube-group-bring-30-higher-paying-jobs-richmond/5534672002/ or www.phillipstube.com .

WHAT IS COMMERCIAL REAL ESTATE?

Commercial Real Estate is any non-residential property used for producing income or commercial profit-making purposes. Commercial Real Estate includes retail, hotels, office buildings, apartment buildings, industrial buildings, etc.

Example:

  “A company, tenant(lessee) wanted to open up a salon and spa in Indianapolis.  The property is owned by a landlord(lessor). Instead of spending capital to purchase a building, a tenant(lessee) can find more benefits by leasing a building from the lessor. The tenant will lease the floor space from the company and pay the monthly rent and other cost depending on the negotiations of any lease.  From here on, the tenant(lessee) will have a signed contract for a certain amount of time most likely 3 to 5 years to stay in the real estate with little to no capital to begin her venture. Both parties sign the lease agreement and a new business is established. “

This is a good example of how a smaller commercial real estate transaction can take place in a lessee or lessor's standpoint.

Importance and Economy

According to Real Estate Data story as of 2018, with a total of $543 billion, Commercial Real Estate contributed 3% of total economic input in the US.  Commercial Real Estate also provides for a tenant, as you can see the example from above, many investors have place money on real estate as supposed to stocks.

As the world population grows, the demand for real estate increases over time. And since properties are limited resources, investments are guaranteed to appreciate especially for long-term plans. Like any other investment, risk is involved, see your financial advisor or your real estate broker to learn more.

What’s next?

If you’re considering to lease, purchase or invest on a commercial property, then look no further! Durbin Real Estate, a 20-year-old company of over $200 Million Revenue, has streamlined the process of buying and selling commercial properties by making it easier for first time and experienced clients.  With industry experts who are made up of caring and knowledgeable professionals who works tirelessly, clients shall receive the best local access and services to commercial, warehouse, retail, industrial building, service providers, property managers, lending professionals, title companies and more.  Contact us today to find out how we can be of assistance!

Durbin Real Estate just recently closed on the sale of 801 NW 2nd Street in Richmond, IN.  This building was former home to PK Lumber for several years and NAPA auto parts most recently.

Coffee Auction Company purchased the building for for their Auction company as their business continues to grow.  Coffee Auctions have been around the Wayne County area for years and specialize in Estate, Personal Property, Real Estate and Fundraising Auctions.  

The property consist of over 5 acres with a secure lot.  The main building is just over 10,000 SF and will give Coffee Auction company plenty of room and security for it's clients personal property auctions and more.  There are four more buildings on the 5 acre lot that consist of over 25,000 SF giving the auction company well over 35,000 square feet for storage and growth.

Durbin Real Estate specializes in all aspects of Real Estate and has been servicing Wayne County for 20 years.  Durbin Real Estate most recently expanded it's operations into the Indianapolis market too.  Are you looking for property?  Curious about your value?  Visit www.DurbinRealEstate.net for more information or a private consultation.

Durbin Real Estate successfully negotiates a 32 Bed Expansion for Recovery Works, a sister company to Pinnacle Treatment facilities.  The deal includes the sale of an additional 3.5 Acres and lease extension allowing for the successful expansion. 

Recovery Works currently has a 32-bed facility, set up in two sections. One section is 16 beds for women and the other provides 16 beds for men.  When it opened, Recovery Works was the first detoxification facility in Wayne County.  Recovery Works expects to break ground on their expansion as early as next week giving them a total of 64 Beds.

Durbin Real Estate initially negotiated a long term deal back in 2016 bringing them to the Wayne County area because of the obvious needs.  In January 2017 they opened their doors for the 1st time and served an estimated 250 patients in the first year alone.   

If you or anyone you know and love struggles with addiction reach out to them at (844)768-1193.  You can also visit them at their location in Cambridge city located below.

2060 State Road 1 North

Cambridge City, IN 47327
Phone: 1 (844) 768-1193

Published, By Durbin Real Estate, LLC.

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