Jersen Completes Work at Albany Port
Dagen Trucking of Castleton, New York, will lease a new 45,000-square-foot warehouse at the Port of Albany, capable of handling turbines and generators weighing in excess of 1.2 million pounds.
Port general manager Rich Hendrick said Jeff Dagen, owner of the logistics and hauling company, will pay $450,000 a year for 10 years. The lease includes the possibility for two five-year extensions. The warehouse is designed to support up to 2,000 pounds per square foot, which is two to four times more capacity than most buildings at the port.
“This agreement is great for the port and for Jeff,” Hendrick said. “It gives him the ability to take on more heavy lift work, which is his specialty.”
The lease also eliminates uncertainty about who will occupy the $8 million-plus warehouse.
“The port dedicated to building it because General Electric was going through some tenuous times and we wanted to do anything we can to entice GE to stay in the area,” Hendrick said.
Since Jersen Construction of Waterford started building late last year, General Electric’s stock price has been cut in half, the manufacturing conglomerate was removed from the Dow Jones Industrial Average, and the company abruptly replaced its CEO.
As GE works to reinvent itself and overhaul its balance sheet, the port was approached by Dagen, who was searching for warehouse space.
The lease will give the port additional cash flow as Hendrick and the port commission move forward with other projects to attract more business to the Hudson River port.
The port plans to purchase just under 82 acres in the town of Bethlehem for $5.25 million. Hendrick expects the transaction will close in less than 60 days. The port has been meeting with town officials and planners and is beginning an environmental review of the property to determine what could be developed at the site.
The land would increase the size of the port by about 25 percent. It would give the port more room to lease property to companies searching for warehouse space or developers of large offshore wind farms.
“We are trying to position ourselves [if an influx of offshore wind projects happens] we are shovel ready,” Hendrick said.