Underwriting Manual: Industrial Parks

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Table of Contents

Underwriting Manual Subtopic

In General

V 4

An industrial park is an area specifically dedicated, restricted or zoned for the exclusive use of compatible industrial buildings or sites. Generally, the area is to be developed and managed as a unit containing all the required facilities, systems, railroad sidings, and truck and automobile parking facilities.

The industrial park concept may assume different formats and structures but regardless of the type, it will typically be regulated by a declaration executed by the owner-developer that, among other things:

  • Creates a property owners' association.
  • Imposes restrictions in regard to the types of structures, use of the building easements, setback lines, etc.
  • Establishes assessments for the payment of expenses in connection with management, security force, public utilities and maintenance of the area.

The provisions of the industrial park declaration are generally enforceable against all occupants of the park, both tenants and site owners.