Former Raytheon Home Sells for $2.2 Million

VIRGINIA BEACH, VA-The vacant 68,000-sf industrial structure that was once fully leased by Raytheon Service Corp. has been sold for $2.2 million to North Carolina’s J&H Realty Corp, a real estate holding company of non-metallic strapping manufacturer Dynaric Inc. Owner New Jersey-based Monmouth Real Estate Investment Corp. did not exactly see a profit on the sale, as the REIT acquired the building from Essex Properties Associates 1984 for $2.5 million six years ago when it had a tenant. The structure has now been empty for 18 months.

“Our marketing efforts were originally directed to secure a tenant for the building, but market conditions resulted in more interest from buyers,” explains Stephanie Sanker of Advantis Real Estate Services Co. Advantis represented both the buyer and seller in this transaction. “We were under contract within 90 days of listing the property, and due to the efforts of everyone involved, we closed 60 days later.” Located at 5740 Bayside Road in the Airport Industrial Park submarket, the single-floor warehouse building sits on four acres and was listed at a selling price of $3.5 million. For Dynaric, the acquisition is representative of the company’s goal of expanding local operations.