Nippon Engages in $6M Sale/Leaseback

NEWPORT NEWS, VA-A recent sale-leaseback deal orchestrated by Thalhimer/Cushman & Wakefield has taken the responsibility of real estate ownership at the 645-acre Oakland Industrial Park off the hands of Nippon Express USA Inc. The logistics company just sold its two-building, 170,000-sf warehouse/distribution property to Continental Pickett’s Line LLC in exchange for nearly $6 million. Nippon is now leasing back one of the buildings, a 90,000-sf structure, for its own use, leaving the remaining 80,000-sf structure available for lease.

Located at 281 Pickett’s Line, the Nippon Express property sits on a 13-acre parcel in the park, just off I-64 and minutes from the Newport News-Williamsburg International Airport. The smaller building was developed in 1991, followed by the second structure in 1998.