(Read more on the industrial market.)
BUENA VISTA, VA-Philadelphia-based BPG Properties Ltd. has added to its industrial holdings in the Shenandoah Valley with its acquisition of Shenandoah Valley Industrial Facility. The 172,760-sf office/flex industrial facility is some five miles from I-81 at 3200 Forest Ave.
BPG acquired the facility for $3.1 million from the Dana Corp., which developed and occupied the building since its construction in 1988. Leland Group Commercial Real Estate LLC represented the buyer in the transaction. Daniel M. DiLella, vice president at BPG tells GlobeSt.com that the firm likes the I-81 Corridor for industrial product.
Late last year the company acquired a 357,673-sf warehouse/distribution center on I-81 in Harrisonburg, reported in GlobeSt.com . Since then DiLella says, the company has recently engineered the site, called the I-81 Distribution Center--Harrisonburg, to accommodate an additional 430,000 sf of industrial development.
3200 Forest Ave. is unique in that it can accommodate both warehouse and manufacturing operations, he adds. Located on a 24-acre parcel, the single-story industrial facility features 10 loading dock doors, three drive-in doors, 23' clear ceiling heights, a high power load and an ESFR wet sprinkler system. It also has some 19,000 sf of office space within two levels, which includes finished offices, reception area and a break room.
The location is also ideal for companies seeking proximity to any number of markets in the region. "3200 Forest Ave…offers superior accessibility along two major east/west and north/south corridors," DiLella says. Buena Vista, an industrial and manufacturing town in the Shenandoah Valley, is 50 miles from Roanoke, 135 miles from Richmond and 180 miles from Washington, DC.
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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.
