Mehoopany Wind Farm Now in Full Commercial Operation

Mehoopany Wind Farm Windmill Farm

BP Wind Energy and Sempra U.S. Gas and Power announced in early January 2013 that their $250 million wind farm project in Pennsylvania has gone into full commercial operation. The Mehoopany Wind Farm, located about twenty miles northwest of Scranton, is the state’s largest wind project.

“This is a great project all the way around,” said Sempra US Gas & Power president and CEO, Jeffrey W. Martin. “The State of Pennsylvania has been a recognized leader in providing critical fuels to help grow our nation’s economy for over a century. This project continues in that proud tradition by harnessing clean, sustainable wind energy that will benefit mid-Atlantic customers for decades to come.”

Mehoopany Wind Farm Installation

Each of the 88 GE xle wind turbine generators on the farm has a rated capacity of 1.6 megawatts (MW). All together, they should produce about 141 MW of electricity. Long-term power purchase agreements, made possible by the National Renewables Cooperative Organization, are in place with Southern Maryland Electric Cooperative, Inc. and Old Dominion Electric Cooperative.

“Today’s announcement is an important milestone that marks yet another success for the BP and Sempra US Gas & Power teams that have worked so hard to deliver this project into full commercial operation,” said BP Wind Energy president and CEO, John Graham, in a recent press release. “We appreciate the on-going support that we have received at both the state and local level and look forward to a long-term partnership in the community.”

Mehoopany Wind Farm

In addition to the contribution to the power supply in the region, the project created more than 400 jobs during the course of construction and about 10-15 permanent employees will be needed to maintain and monitor the facility, which will be operated by a wholly-owned affiliate of BP Wind Energy.

In the last five years, BP has made more investments in the United States than any other oil and gas company, investing more in the United States than in other countries. Since 2005, about $8 billion of BP Alternative Energy investments have gone towards alternative energy development. US BP Wind Energy has interests in sixteen wind farms that are located in nine states with a gross generating capacity of around 2,600 MW.

Mehoopany Wind Farm windmill

Cole Real Estate Investments Acquires Freezer Warehouse in Riverside, California for $91.5 Million

Phoenix, Arizona (PRWEB) August 19, 2011

Cole Real Estate Investments (Cole), one of the nation?s leading investors in high-quality, income-producing retail, office and industrial real estate assets, announced the acquisition of a freezer and cold storage distribution warehouse in Riverside, CA, for $ 91.5 million. The announcement was made by Robert Micera, chief investment officer for office and industrial at Cole.

CB Richard Ellis (CBRE) arranged the sale to Cole on behalf of USAA Real Estate Company.

The facility, which is leased to Wal-Mart, is a 496,000-square-foot, state-of-the art, LEED certified, freezer warehouse built in 2011. The tenant has approximately 15 years remaining on the NNN lease, with additional renewal options.

?Its strategic location within the Inland Empire and mission-critical focus makes this facility an excellent addition to our growing portfolio of ?necessity corporate? office and industrial assets,? Micera said. ?Combined with the outstanding creditworthiness of the tenant, long-term lease, newness of the facility and demand for cold storage warehouses, this acquisition fits Cole?s conservative, disciplined investment strategy.?

According to Darla Longo of CBRE, cold storage warehouse vacancy in Southern California is estimated at less than 2 percent and, due to the significant cost of cold storage construction, there is virtually no speculative market. ?The food industry is one of the most rapidly growing industries in the economy, yet the vast majority of the cold storage warehouse supply is older, functionally obsolete, mechanically inefficient and in need of repair and replacement,? she said. ?This newly constructed facility has significant long-term residual value, providing unmatched function and strategic access to the prestigious Southern California consumer market and the larger Western region.?

Features of the cross-dock building include 60,000 pallet positions and a roof equipment penthouse design that offers maximum use of the available cubic storage. The building also features 97 dock-high doors, specialized load levelers, a large yard for trailer storage and 10,000 amps of power.

Constructed to meet the highest institutional standards, the property was developed in 2011 by DEXUS Property Group and USAA Real Estate Company, constructed by Fulmer Construction, and designed by HPA Architects. The facility is operated by Castle & Cooke Cold Storage on behalf of the tenant, one of the nation?s largest and most established public refrigerated warehouse operators.

Boyd Messmann, senior vice president of acquisitions, represented Cole. In addition to Ms. Longo, CBRE?s Barbara Emmons, Jack Fraker, Josh McArtor, Rebecca Perlmutter and Art Rasmussen represented the seller, USAA, in the transaction.

About Cole Real Estate Investments

Founded in 1979, Cole Real Estate Investments is one of the most active acquirers of core real estate assets, managing one of the country?s largest portfolios of retail properties. Cole primarily targets net-leased single-tenant and multi-tenant retail properties under long-term leases with high credit quality tenants, as well as single-tenant office and industrial properties. Cole executes a conservative investment and financing strategy designed to provide investors with the opportunity for stable current income and capital appreciation. Today, Cole-related entities own and manage more than 1,450 properties representing 49 million square feet of commercial real estate in 46 states with a combined acquisition cost of over $ 8.3 billion.

About USAA Real Estate Company