Luck Stone buys Chesapeake property for $2.4 million for a distribution site
CBRE|Hampton Roads announced the sale of adjoining properties in Chesapeake to Luck Stone Corp. and Allan Myers Corp. The seller, Higgerson-Buchanan, recently closed its business at 5300 Bainbridge Blvd. after 60 years of operation.
Luck Stone, the largest family-owned and operated producer of crushed stone, sand and gravel in the country, acquired 32.86 acres of industrial land with access to the N&P Beltline Railroad for $2.45 million. According to CBRE, the company plans to operate a distribution facility at the site.
Allan Myers purchased 28.85 acres of land that includes a small office building, upgraded wharf on the Elizabeth River and other improvements, for $5.1 million. Allan Myers will operate an asphalt plant on the site.
Ken Benassi of CBRE|Hampton Roads and Marc Allocca of CBRE|Richmond represented the buyers in the transaction. William Throne and Bobby Phillips of Cushman & Wakefield | Thalhimer handled sale negotiations on behalf of the seller.