Former Peebles headquarters sells for $1.5 million
The former corporate headquarters building for the Peebles department store chain in South Hill has been sold for $1.5 million.
S.L. Nusbaum Realty Co., a Norfolk-based commercial real estate firm, reported that the 29,600-square-foot office building on 7.87 acres was bought by WBS Investments LLC. WBS is owned by South Hill entrepreneur Willie Bob Smith.
S.L. Nusbaum said Smith contacted the real estate firm about buying the building after seeing a for sale sign on the property last spring.
Houston-based Stage Stores bought Peebles in 2003 for $167 million. Stage Stores operates 850 stores in 40 states under the Bealls, Palais Royal, Peebles, Stage, and Goody's names.
Nathan Shor, vice president and regional director at S.L. Nusbaum, and Michael Gurley, senior vice president and director of leasing, represented the seller of the property, Peebles/Stage Stores.