Chesterfield County facility sells for $9.3M

An entity associated with Barefoot Spas, a hot tub and swim spa manufacturer, sold a five-acre property in Chesterfield County to an entity associated with Maguire Hayden Real Estate Company, a Pennsylvania commercial real estate investment firm, on July 1 for $9.3 million, Cushman & Wakefield | Thalhimer Capital Markets Group and Industrial Services announced last week. 

The 114,714-square-foot facility at 8401 Fort Darling Road sits on about 5.2 acres, and Barefoot Spas will lease the property from the new owner.

“It’s a highly functional industrial building, and it’s located right off of Interstate 95 right outside of Richmond,” Bo McKown, first vice president at Cushman & Wakefield | Thalhimer’s Capital Markets, said. “The Richmond industrial market continues to be really one of the one of the strongest on the East Coast.” 

For Richard French, CEO of Barefoot Spas, McKown said, the sale-leaseback was “an evolution of his business plan.” French did not immediately respond to a request for comment. 

“The tenant does some manufacturing in this facility. They do some assembly of products and they also use it as distribution as well,” McKown said. “So it’s a pretty flexible building, and all of those attributes kind of contributed to why it was pretty highly sought after in the investment community.”

 The sale-leaseback was a collaborative effort between Thalhimer’s Industrial Services Group and Capital Markets Group completed by Graham Stoneburner, McKown and Chrissy Chappell. 

In June, an industrial warehouse and about 11.6 adjoining acres in Chesterfield County sold for $9.85 million. Cushman & Wakefield | Thalhimer handled that sale on behalf of the seller.