Martinsville industrial property sells for $2.35M

An entity connected to Time Equities, a New York diversified investment, development, asset and property management and alternative energy company, purchased a 99,500-square-foot industrial building in Martinsville currently leased by Atlas Molded Products on Aug. 14 for $2.35 million, according to real estate records and a Cushman & Wakefield | Thalhimer news release. 

Time Equities will use the facility at 445 Industrial Park Drive, which sits on 6.8 acres, as an investment, according to Barry Ward, first vice president at Thalhimer.

Tri-State Foam Products began manufacturing expanded polystyrene for commercial building industries at 445 Industrial Park Dr. in 1984, according to Thalhimer leasing materials. “That product has been made in that building for a very long time,” said Ward. 

In 2012, what was then Atlas EPS, a division of Georgia-based Atlas Roofing Corp., purchased Tri-State Foam Products, according to the company’s website. In 2019, Atlas Roofing Corp. changed the name of its EPS division to Atlas Molded Products.

“It’s a strategic location for Atlas, for sure, and [Time Equities] felt really good about the purchase because of Atlas historical work in the market,” said Ward. 

Ward and Clay Taylor of Cushman & Wakefield | Thalhimer handled negotiations on behalf of the seller, EJS Co., an entity with a Florida address. Price Gutshall of Cushman & Wakefield | Thalhimer represented the purchaser.