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Business Insider
Bill Freehling is a business writer for The Free Lance-Star and Fredericksburg.com. This blog is on Fredericksburg-area business. Send an e-mail to Bill Freehling.
Value City distribution center in Caroline sold
A Los Angeles-based real estate investment firm last month purchased a large distribution center in the Carmel Church area for $9.423 million, according to Caroline County property records.
An entity of Hackman Capital bought the 360,000-square-foot property at 11266 Enterprise Parkway from the corporate parent of Value City Furniture, which operates the furniture distribution center.
Value City, which employs about 75 people at the distribution center a mile off Interstate 95, will lease the property back from Hackman Capital on a long-term basis. Corporate officials say the sale won’t affect the distribution operation.
The sale was part of a larger real estate transaction between Hackman Capital and an entity of Value City parent Schottenstein Stores Corp. that closed July 26.
The Hackman affiliate bought 45 industrial and flex buildings from Schottenstein totaling about 2.8 million square feet, the company said in a news release. All of the properties other than the Caroline facility are in the Columbus, Ohio, area.
