Ace Hardware distribution center sells for $21.7 mil
- July 22, 2019
The largest vacant building in the mid-Atlantic — a 798,786-square-foot former Ace Hardware distribution facility in Prince George County along Interstate 295 — sold for $21.72 million last week to an investment group that will upgrade the facility and market it as the Virginia Gateway Logistics Center.
“We are seeking a single occupier,” says Bobby Phillips, first vice president with Cushman & Wakefield | Thalhimer, which negotiated the sale to Ashley Capital.
The building is situated on 155.4 acres in Prince George, east of Petersburg. Cushman & Wakefield is in the process of seeking tenants for the property.
“It’s a cross-dock facility,” Phillips says, “so you can move material through that building very easily.”
Ace Hardware vacated the center, which opened in 2001, as part of a restructuring of its East Coast distribution network.