“At the end of 2000, the first ‘neon' colors were released in shades like neon pink and neon green. Before that, Duck Tape had been available in silver and other basic colors for many years (including) red, white, black and blue,” Sommers said. “Those basic colors were typically used for color coding or to match repairs, not really for crafting or fashion. There were 11 basic colors before the neons were released.”
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.