Ashley Capital Buys 800 KSF Distribution Facility in VA
The new owner plans to begin work on a complete renovation at the industrial property, including rebranding it as Virginia Gateway Logistics Center.
7000 Hardware Drive, to be rebranded as Virginia Gateway Logistics Center. Image via Google Maps
Ashley Capital has acquired a Class A distribution center in Prince George, Va. Ace Hardware Corp. sold the 798,786-square-foot industrial asset. Cushman & Wakefield | Thalhimer negotiated the sale on behalf of Ashley Capital and will also provide leasing services.
After recently breaking ground on Enterprise Business Park IV in Sturtevant, Wis., Ashley Capital is planning to renovate the newest addition to its industrial portfolio. Upgrades will include a new roof, new dock doors, LED lighting as well as interior and exterior paint. The distribution facility will be rebranded as Virginia Gateway Logistics Center. The site allows for a 391,000-square-foot expansion to be constructed, should demand arise.
The distribution center is located at 7000 Hardware Drive on a 155.4-acre site. Completed in 2001, the building features a concrete steel frame, 32-foot clear heights, ESFR sprinkler system, T-5 lighting and cross-dock loading. Additionally, the property has 84 dock doors, 102 trailer spaces and 273 car parking spaces. The building contains a 41,160-square-foot, two-story corporate office, along with a 2,995-square-foot receiving office and a 3,016-square-foot shipping office.
Virginia Gateway Logistics Center, considered the largest vacant building in the Mid-Atlantic, is near several major thoroughfares and distribution routes including interstates 295, 95 and 85. The facility is situated approximately 33 miles from downtown Richmond and 70 miles from the Port of Virginia.
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