Rare Industrial Property Trades Hands

VIRGINIA BEACH, VA-A high bay distribution building here has sold for $6.7 million. The buyer of the fully leased 146,000-sf center was Cambridge Hanover, an industrial property investment fund. Crider & Shockey of West Virginia sold the property. R.L. “Abe” Ellis of Thalhimer, a member of the Cushman & Wakefield Alliance, represented both buyer and seller.

Located at 5901-5921 Thurston Ave. in Airport Industrial Park, Airport Industrial Center II is something an anomaly for the market, Ellis tells GlobeSt.com. “We have a largely owner-occupied industrial market here–it is about 65% to 75% owner-occupied. So investment properties come to market very rarely.” Crider & Shockey had owned Airport Industrial Center II for 12 years prior to putting it on the market and the property had performed very well, Ellis says.