H&E Equipment Services and Commercial Properties Realty Trust have reached an agreement in which the real estate development firm will help the heavy equipment company develop and build new locations nationwide.
Commercial Properties is the real estate management arm of the Baton Rouge Area Foundation.
The plan is for H&E to open “seven to eight” locations a year, said Tina Rance, marketing director for Commercial Properties. Commercial Properties will build, manage and lease the stores to H&E. The first store under the agreement will be in Lubbock, Texas.
“They have very aggressive plans,” Rance said.
H&E, headquartered in Baton Rouge, has 69 locations, most in the South and West. The company sells and rents heavy equipment, including cranes, earthmoving machinery and lift trucks.
This further solidifies the relationship between John Engquist, CEO of H&E, and Commercial Properties. In November, Engquist’s development company bought a 156-acre tract in Raleigh, N.C., that is the residential portion of a traditional neighborhood development Commercial Properties is heading up.
Engquist was impressed with how Commercial Properties manages real estate and does business, Rance said.