Tuesday, August 6, 2013

Former abandon Hanover Direct property sold to food packaging company

Hanover Direct Facility on Hollins Road

Hanover Direct Facility on Hollins Road

The purchaser, Ardagh Metal Packaging USA, INC., is a global leader in metal packaging solutions, producing packaging for most of the world’s leading food, beverage and consumer care brands.

Poe & Cronk Real Estate Group today announced the sale of 5022 Hollins Rd, a 640,000 SF industrial facility located in Roanoke County, for $14.5 million. Dennis Cronk and Matt Huff of Poe & Cronk Real Estate Group represented the seller in the transaction.

The size of the facility coupled with 40 foot ceilings, expansion capabilities and its proximity to main traffic arteries drew interest from potential buyers from around the world. Immediately after the property was placed on the market by Poe & Cronk, the listing drew interest from multiple purchasers including developers, distributors, and manufacturers. “Ultimately, the final sales price reflected the returning strength to the commercial real estate market and increasing demand for quality properties,” according to Dennis Cronk, President/CEO of Poe & Cronk.

“Poe and Cronk is proud to have played a role in bringing this new employer to our community. It was a team effort to land a project like this for the Roanoke Valley. Over the past four months, our firm worked closely with the Roanoke County Department of Economic Development, the Roanoke Valley Economic Development Partnership, and the Virginia Economic Development Partnership to sell the purchaser on the Roanoke Valley and the Hanover Direct Building,” remarked Cronk. Poe & Cronk Real Estate Group originally handled the acquisition of the property by Hanover Direct in 1994 for their Fulfillment Center.

“We were amazed at how much interest the offering of this building created from local, national, and even international buyers” noted Matt Huff. “Once we showed potential buyers how perfectly situated the Roanoke Valley is for their business and the benefits this building offered, they wanted to schedule a visit. I wish we had more than one of these buildings to offer.”

Posted By Valerie Garner

Categories: Business


Comments (1)

Valerie Garner

August 19th, 2013 at 8:14 AM    

I'm moderating this view.

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