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Tag: sale leaseback

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.

 

CFA Institute sells Charlottesville HQ for $21.9M

The Charlottesville headquarters of CFA Institute sold for $21.9 million, Cushman & Wakefield | Thalhimer announced Tuesday.

The 150,000-square-foot office building, at 915 E. High St., is the former Martha Jefferson Hospital, which opened in 1904, according to Cvillepedia. CFA Institute, a nonprofit association of investment professionals, will lease back 47,000 square feet for its ongoing operations. The location has been the institute’s home since 2014, after a renovation that included sustainability features.

Thalhimer has been awarded the leasing by the buyer, Lo-Hi LLC, and the building will remain Class A office space. It is the only Class A building near downtown with parking. Lo-Hi will also be opening Lo-Hi Coworking, which will provide private executive office space for companies with up to 10 employees.

John Pritzlaff and Jenny Stoner of Cushman & Wakefield | Thalhimer handled the sale and lease negotiations on behalf of the buyer and will handle the office space leasing going forward.

AeroFarms sells its Cane Creek property

AeroFarms has sold its 138,670-square-foot property in Cane Creek Centre to MDH Partners and leased it back for 20 years, the companies announced June 1.

MDH Partners bought the property at 1526 Cane Creek Parkway for $19.1 million and leased it back to AeroFarms. The industrial park where AeroFarms is located is jointly owned by Danville and Pittsylvania County.

The indoor agriculture company recently opened its Southern Virginia facility and has been growing short-stemmed leafy greens, herbs and microgreens and will process them for shipping to retail outlets and restaurants within 250 to 300 miles.

With this purchase, MDH Partners has grown its footprint to more than 650,000 square feet of property in Virginia and has acquired more than 6 million square feet of property throughout the U.S. since last January, according to the company.

MDH also owns a 237,861-square-foot property in Ashland and a 284,580-square-foot property in Suffolk.

Branch Group HQ in Roanoke sells for $2.9M

The Branch Group Inc. has sold its Roanoke headquarters building for $2.9 million, Poe & Cronk Real Estate Group announced this week.

The 39,016-square-foot building at 442 Rutherford Ave. will remain as the company’s headquarters in a sale-leaseback transaction that allows the construction company to be a tenant.

The buyer, represented by Matt Huff and Bryan Musselwhite of Poe & Cronk, is CJI Property Holdings LLC, a Roanoke-based business entity and investor.