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Home News Industries Commercial Real Estate Ace Hardware distribution center sells for $21.7 mil

Ace Hardware distribution center sells for $21.7 mil

Published July 22, 2019 by Jack Cooksey

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.

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Trending

Chase apologizes to Va. Senate 'if I offended any one of you'; censure still in play

$125M pharma manufacturing plant coming to Petersburg

Initial unemployment insurance claimants by county and city weeks ending Jan. 16 over Jan. 9 change. Green shows a decrease of 1 to 50, yellow shows a decrease of 1 to 50 claimants and red shows an increase of claimants. Graphic courtesy Virginia Employment Commission

Va. unemployment claims remain high, but new claims drop

Photo courtesy UPS

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Local officials slam Northam administration's COVID vaccine rollout

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