Industrial building in Ashland sells for $2.7M

The 52,000-square-foot building sits on more than 3.6 acres of land

Published July 31, 2020 by Sydney Lake

111250 Hopson Road. Photo courtesy CoStar Group

An industrial building in Ashland has sold for $2.756 million, Glen Allen-based commercial real estate company Commonwealth Commercial Partners LLC announced Wednesday.

Located at 11250 Hopson Road, the 52,500-square-foot building sits on more than 3.6 acres of land. TMC Properties LLC (doing business as Green Air Inc., The Duct Shop and Evolve Air Systems) purchased the property from Gloria Sydnor in a transaction that closed July 23. Colton Konvicka and Nate Krey of Commonwealth Commercial Partners represented the buyer and Kevin Cox of Porter Realty Co. Inc. represented the seller.

Green Air Inc., an air conditioning contractor, will move from its current office at 105 Sylvia Road in Ashland to occupy approximately 28,000 square feet of the Hopson Road property. This will double the company’s existing space to accommodate business growth, according to Commonwealth Commercial Partners. Green Air plans to renovate the space while maintaining the long-term lease of the existing single tenant of the remaining space.

The sale was an owner occupant/investment, reverse 1031 exchange for the buyer, which allows real estate investors to purchase a second investment property before selling their relinquished property.