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Tag: industrial property

Former Lynchburg Chapstick factory sells for $1.9M

A 218,818-square-foot industrial property in Lynchburg where Chapstick was once manufactured has sold for $1.9 million, Cushman & Wakefield | Thalhimer said.

Valley Properties purchased the industrial/manufacturing building, located at 1000 Robins Road, from KDC/One as an investment. KDC/One, a global contract manufacturer of personal beauty and home care items based in Canada, announced in 2022 that it would close the location, where as many as 675 full- and part-time employees worked, by the end of 2023, according to The News & Advance.

Norman K. Moon Jr. and Thacher Jennings, both of Cushman & Wakefield | Thalhimer, handled sale negotiations on behalf of the seller.

Chapstick, a lip balm created by Lynchburg pharmacist Charles Browne Fleet in the 1890s, was at one point manufactured in the building, Moon told Virginia Business. Fleet sold the Chapstick formula, and rights to it, to his friend John Morton for $5 in 1912, according to a company history. Morton revamped the product, and created the Morton Manufacturing Co., which produced Chapstick in Lynchburg until 1963, when it was bought by Richmond-based A.H. Robins Co. A Fortune 500 pharmaceutical company, Robins went bankrupt in the 1980s amid thousands of lawsuits over its Dalkon Shield birth control device and was acquired by American Home Products. That company in turn became Wyeth, which was acquired by pharmaceutical giant Pfizer in in 2009 for $68 billion.

Chesterfield distribution center sells for $37.5M

A distribution center in Chesterfield County’s Meadowville Technology Park sold for $37.5 million in mid-March, according to county property records.

Located at 1400 Digital Drive in Chester, the 353,044-square-foot distribution center is fully leased to one tenant — CCBCC Operations LLC, a wholly owned subsidiary of Coca-Cola Consolidated Inc. — according to a Cushman & Wakefield | Thalhimer news release. Based in Charlotte, North Carolina, Coca-Cola Consolidated is the nation’s largest independent Coca-Cola bottling company.

A joint venture between funds managed by Red Rock Developments and Westport Capital Partners sold the 54.3-acre property to Bailard Real Estate Fund, which also bought Charter Colony Shopping Center in Midlothian, according to a news release. Property records show the center sold for $23.85 million in March 2022.

Eric Robison and Bo McKown with Cushman & Wakefield | Thalhimer’s Capital Markets Group and Jonathan Carpenter and Graham Savage with Cushman & Wakefield’s Industrial Advisory Group handled the sale.

Cushman & Wakefield will manage the property for Bailard. Jason Crowder, a senior portfolio manager with Cushman & Wakefield | Thalhimer’s Commercial Property Services Group, will lead the property management team.

Warehouse portfolio with two Va. properties sells for $21.86M

Seven warehouses leased to Lansing Building Products, including two in Virginia, sold for $21.86 million, Cushman & Wakefield | Thalhimer announced Friday.

The portfolio of warehouses totals 209,883 square feet, and the properties range from 20,000 to almost 50,000 square feet each. On average, 89% of each property is warehouse, and 11% is office space. The tenant, Lansing Building Products, supplies exterior building products to contractors and has more than 2,000 employees.

The two Virginia properties are in Newport News and Norfolk. The 47,664-square-foot warehouse in Newport News is located at 12661 McManus Blvd. The 40,050-square-foot Norfolk warehouse is located at 3644 Village Ave.

New Jersey-based B&D Holdings bought the properties. Eric Robison with Cushman & Wakefield | Thalhimer’s Capital Markets Group and Rett Turner with Thalhimer’s Global Occupier Services Multi-Market Team represented the seller. Lansing entities owned the Virginia properties, property records show.

The other warehouses were in Statesville and Wilmington, North Carolina; Oklahoma City; Myrtle Beach, South Carolina; and Ogden, Utah.

Newport News warehouse sells for $2.65M

A warehouse in Newport News sold for $2.65 million, Cushman & Wakefield | Thalhimer announced Wednesday.

Located at 1011 and 1031 44th St., the 30,000-square-foot industrial building sits on 3.55 acres. The land is currently being used for a wholesale distribution facility, according to Newport News property records. Three tenants split the facility: Hampton Roads Transit’s Handi-Rides, equipment manufacturer Liebherr USA Co. and infrastructure construction company MasTec, according to Clay Culbreth, a senior vice president with Thalhimer.

1031 44th Street LLC purchased the property from L & F Holdings LLC. The buyer has no immediate plans beyond maintaining the current leases, according to Culbreth, who represented the seller.

Industrial property in Richmond sells for $3.7M

Warwick Trade Center, a 38,056-square-foot flex industrial property in south Richmond, has been sold for $3.7 million, according to Cushman & Wakefield | Thalhimer.

CIG 6290 RFO LLC, an affiliate of Cohen Investment Group, sold the property to Standard Properties Inc. on Sept. 27. Located at 6290 Old Warwick Road, the property is on 2.25 acres and is fully leased to 11 tenants including construction firms, general contractors, environmental consultants and auto detailers, according to Cushman & Wakefield | Thalhimer.

Bo McKown and Eric Robinson, both of Cushman & Wakefield | Thalhimer’s Capital Markets Group, handled sale negotiations.

 

 

 

 

Chesapeake warehouse sells for $13.59M

A 70,000-square-foot warehouse and distribution building in Chesapeake sold for $13.59 million in late July, Colliers announced Wednesday.

Located at 3512 Business Center Drive in the Cavalier Industrial Park, the property is 100% leased to the U.S. Postal Service and serves as a seasonal processing and distribution center. It totals 9.72 acres of land, with room for an expansion of about 70,000 square feet. Built in 1998, the property includes a 130-foot truck court.

Michael Blunt and Clay Ellis, with the Colliers Industrial Capital Markets team, as well as Chamie Burroughs, represented the seller, a joint venture led by B&D Holdings. The buyer is NATMI LPF Norfolk LLC, according to property records.

Construction starts on $100M industrial center in Hanover

Construction started Dec. 9 on the $100 million, 1.1-million-square-foot East Coast Commerce Center in Hanover County.

The speculative industrial project is slated for completion in mid-summer 2022. The 129-acre center will have 120 truck docks, 540 trailer parks, 8-foot floor slabs, a 2:1 parking ratio and more than 35 surplus acres.

“We’re very eager for what’s to come at East Coast Commerce Center,” Nelson Hioe, managing partner at Raith Capital Partners, said in a statement. “We moved aggressively to lock in steel pricing early in the development process and with construction underway, we will deliver the building in Q3 2022.”

The site is located at 10462 Hickory Hill Road, near the intersection of state routes 641 and 646.

“This asset has exceptional access to many major consumer markets along the East Coast, and we look forward to delivering this property in order to serve the supply chain and logistics needs of the mid-Atlantic region,” Equity Industrial Partners CEO Bruce Levine said in a statement.

Raith Capital Partners and Equity Industrial Partners own the property, and Becknell Industrial is the developer. JLL announced Tuesday that it would be marketing the center, and Adam Lawson and Jake Servinsky will oversee leasing and marketing.

Winchester industrial property sells for $12.2M

A 244,500-square-foot industrial property in Winchester sold for $12.2 million, Marcus & Milichap announced Wednesday.

The property is located at 310 Tyson Drive and was sold by Harrisonburg-based InterChange Group Inc. to Washington, D.C.-based Ritz Banc Group.

Christopher C. Dale, Robert Filley and Randall Heilig, with Marcus & Milichap’s Washington, D.C., office, worked for the seller.