One of the largest vacant distribution centers on the East Coast has been acquired.
The former Ace Hardware Corp. warehouse in Prince George County, which has been vacant since earlier this year, sold for $21.72 million.
Ashley Capital LLC, one of the nation’s largest privately held real estate investment companies, bought the 798,786-square-foot distribution center on 155.4 acres as an investment.
The New York-based company plans to update the warehouse by replacing the roof, changing the 84 dock doors, replacing the lights with high-efficiency LED fixtures, painting the interior and exterior and making other functional and cosmetic upgrades.
Ace Hardware had opened the center in late 2001.
The property will be branded as the Virginia Gateway Logistics Center.
Evan M. Magrill, executive vice president at commercial real estate brokerage Cushman & Wakefield|Thalhimer, who helped handle the sale negotiations on behalf of the buyer, said the warehouse is ideally located near the intersection of Interstate 295 and U.S. 460 with Interstate 95 nearby.
“The building meets many of the requirements of companies with distribution needs today — high ceilings, abundant loading doors, plenty of parking for cars and trucks and close proximity to multiple interstates,” Magrill said. “E-commerce needs are growing at such a fast rate that this [property] will allow a company to expand quickly without the need to wait for a building to be constructed.”
Magrill along with Bobby Phillips, also with Cushman & Wakefield|Thalhimer, handled the deal on behalf of Ashley Capital. The brokerage firm also has been hired as the exclusive leasing agent for the property.
Ashley Capital owns properties in seven states. It owns the 707,902-square-foot Bridgeway Business Center warehouse in Suffolk.