Brennan Sells Virginia Distribution Center
A furniture manufacturer occupies the entire property.
Manakin Holdings has acquired Rowe Furniture Distribution Center, a 378,720-square-foot industrial facility in Elliston, Va. Brennan Investment Group sold the asset for $32 million, in a transaction arranged by Cushman & Wakefield | Thalhimer.
The transaction follows Brennan’s sale of Park 74 Commerce Center in Brownsburg, Ind., earlier this summer. In an interview with Commercial Property Executive, Chairman Michael Brennan said the firm’s average hold period for its industrial assets is just slightly over three years.
Since its inception in 2010, Brennan has acquired or developed $6.5 billion in industrial real estate. The company’s current portfolio encompasses roughly 58 million square feet across 30 states.
A manufacturer-occupied facility
Completed in 1999 on a 59-acre site at 2121 Gardner St., the distribution center has been fully leased by manufacturer Rowe Furniture for more than 20 years. The facility features 29- to 35-foot clear heights, 36 loading doors and an auto and trailer parking area with 808 spots.
Rowe Furniture, an American subsidiary of Markor International Home Furnishings, recently signed an early, 15-year lease renewal, reflecting larger onshoring efforts aimed at protecting the parent company from tariff impacts.
The property is just off U.S. Route 460 and close to Interstate 81, which connect the area to Roanoke, Va., some 21 miles northeast, as well as to the largest Mid-Atlantic cities, including Washington, D.C., and Richmond, Va.
Thalhimer Senior Vice President Bo McKown and President Eric Robinson led the Capital Markets team that represented the seller.
You must be logged in to post a comment.