Hayneedle is moving its distribution center to Monroe. The online retailer received a nearly $100,000 tax credit from the state of Ohio for signing a lease with Industrial Developments International for a 501,357 square-foot building at the Monroe Logistics Center. This will be the company's primary distribution center; it's 50% larger than their current primary center, which the company says will allow for future growth. The company will begin occupying the center on June 1, 2010.
“This region is ideal for consumer-direct distribution. It provides for more rapid delivery to our customers than any other region,” Tom Clement, director of logistics and distribution strategy, said in a statement.
The tax credit awarded by the state is good for six years, as long as Hayneedle remains in Monroe for at least nine years. It's estimated that the distribution center will provide at least 50 new local jobs, with potentially more to come in the future. Hiring will begin prior to the June opening. According tot he Ohio Department of Development, the company will generate a $1.4 million annual payroll. Also, the site is eligible for a 15-year, 100% real estate property abatement.
The building, which is brand new, was constructed by Atlanta-based Industrial Developments International and they will continue to act as property managers. Even so, Hayneedle staff led the site selection and development of the building, and they were represented by brokers Bob Bunton of Cincinnati and David Maenner of Omaha. The building is being submitted for Leadership in Energy and Environmental Design certification, which is a "nationally accepted benchmark that defines the standards for high-performance and environmentally responsible development." It features natural lighting; reduced energy and water usage; motion-sensor lighting; and low-emitting adhesives, sealants, and coatings.
Hayneedle began in 2002 with just three employees, under the name of NetShops. It has been recognized by Internet Retailer and Inc. Magazine as one of retail's fastest growing companies. It only changes its name to Hayneedle in 2009, in an attempt to develop multiple niche ecommerce stores. They are based in Omaha, Neb., and funded by Insight Venture Partners and Sequoia.
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