Prince George industrial building sells for $4.25 million
An industrial building in Prince George has been sold for $4.25 million.
The building at 8025 Quality Drive was purchased by Summit Investments Southeast, part of Hollingsworth Development. Hollingsworth developed the South Point Business Park where the property is located.
The building has 143,638 square feet industrial space and an office component of 7,400 square feet.
Originally built in 2002 with additions in 2005, the warehouse is situated near Interstate 295 and the Port of Virginia.
After constructing the building, the buyer, Hollingsworth Development, later saw it as an attractive investment opportunity in a tight industrial market that currently has a vacancy rate below 4 percent. The Hollingsworth Co. is now offering the building for a long-term lease.
Matt Anderson and Wood Thornton of CBRE|Richmond represented the seller, Lone Oak – Richmond, LLC.