Now, he said, the 200-plus different tapes and “continued development of new and unique ways to utilize duct tape” has the company in expansion mode.
Details of $15M project
Tanenbaum said he is glad to have had such a long relationship with the company.
He is developing the $15 million, high-end build-to-suit warehouse in a lease-back arrangement that has ShurTech renting on a triple-net basis — meaning the tenant pays taxes, capital expenditures, insurance and maintenance — for 15 years. The 280,000-square-foot building will have 35-foot clear-height ceilings and be expandable up to 80,000 square feet. It will take nine months to construct. Financing was through Comerica Bank in Dallas.
Tanenbaum said he already has a few potential tenants looking at the space that ShurTech will vacate at I-35 and Hefner. With so little industrial space available along I-35 in north Oklahoma City, he said he isn't worried about backfilling the space.