Time Equities Inc. (TEI) announced the acquisition of 445 Industrial Drive, an approximate 100,000-square-foot industrial building in Ridgeway, Virginia, outside of Martinsville for $2.35 million. This acquisition marks the firm’s ninth asset in Virginia.
“The purchase of 445 Industrial presented TEI with an opportunity to continue our strategy of acquiring quality industrial properties, in strategic locations, at a low basis, featuring below-market rents and durable cash flow,” said Max Pastor, chief operating officer of TEI. “Our team has continued to identify opportunities to execute this strategy over the past several years amassing nine properties, in five states consisting of approximately 1,700,000 square feet of industrial space.”
Built in 1974, the property features eight rollup steel dock height doors and two drive-in doors. The current tenant is an affiliate of Atlas Roofing Corporation, one of the nation’s largest manufacturers of building products for residential and commercial construction.
The property is located near Martinsville in Southwest Virginia, close to the North Carolina border. The property sits in between Greensboro, NC and Roanoke, VA. The building is part of a well-established industrial park that is less than one mile from the Martinsville Speedway.
The TEI Investment Team led by Pastor and Brian Soto, director of acquisitions and asset management at TEI, originated and executed the acquisition. The Pastor/Soto Investment Team specializes in acquiring and re-positioning industrial, office and multi-family properties. The seller was represented by Cushman & Wakefield/Thalhimer.
