Richmond Industrial Facility Trades in $9M Deal
- Jun 26, 2019
STAG Industrial Holdings is the new owner of a 110,000-square-foot facility in South Richmond, Va. CBRE represented seller Pohlig Brother Packaging in the sale-leaseback of the industrial asset. According to Chesterfield County records, the property traded for $9.4 million.
Located at 8001 Greenpine Road on roughly 9 acres, the 1995-built facility is near the Chesterfield County Airport. World War II Veterans Memorial Highway is also close and Interstate 95 is within a 15-minute drive. Downtown Richmond is approximately 20 miles from the property.
Pohlig intends to use the proceeds of the sale to finance investment in operations and repay debt, according to Andrew Sandquist, executive vice president of CBRE’s Corporate Capital Markets Group. Sandquist, along with First Vice President JC Asensio, Senior Associate Briggs Goldberg and Financial Analyst Tyrell McGee acted on behalf of the seller in the transaction.
Last year, STAG also acquired a 270,084-square-foot industrial property in Mission, Texas. JLL Industrial Capital Markets represented the previous owner, Colimar Inc.