(To read more on the industrial market, click here.)
WYTHEVILLE, VA-GatorAm LLC, a Washington, DC-based private investment group, has acquired a build-to-suit warehouse/distribution and production center here for $34.5 million. CRG-VA LLC, a St. Louis-based entity controlled by Claycorp Realty Group, was the seller.
Asher Hyman, principal of Philadelphia-based Corvest Realty, represented the buyer. Roy Splansky and Mark Goode of Chicago-based Venture One Real Estate, together with Gregory Kloiber of the Corporate Solutions Group in the Southfield, MI-based office of Colliers International, represented the seller.
Located at 1380 Kents Ln. and situated on a 55-acre site, the 715,745-sf, single-tenant facility is located within Progress Park Regional Industrial Park, a 1,200-acre complex at the intersection of I-77 and I-81. The building was completed at the end of 2006.
The building's tenant, Amcor PET Packaging USA Inc., an Ann Arbor, MI-based business unit of the Australian firm Amcor Limited, is using the facility to supply PepsiCo with packaging materials, primarily for its Gatorade product. PepsiCo recently completed a 900,000-sf bottling plant next to the new building. Plans call for the Amcor facility to be linked to the PepsiCo plant so the materials can move more quickly between the two operations, Splansky tells GlobeSt.com. Amcor did not return calls in time for comment.
The new facility consists of 364,760 sf of warehouse space with 30-foot clear-height ceilings, 292,845 sf of production space with 33-foot clear-height ceilings, 14,000 sf of office space, and 44,140 sf of mechanical space.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
