Monday, May 7, 2012

Poe & Cronk selected as exclusive listing broker for Hanover Direct facility

Hanover Direct Facility on Hollins Road

Poe & Cronk Real Estate Group has been awarded the disposition assignment for the 640,000 square foot Hanover Direct Industrial Facility located on Hollins Road.

In a press release Friday Poe & Cronk said that the state-of-the art building was originally constructed by Hanover Direct in 1994 as a fulfillment/distribution center. The property sits on 56 acres and provides expansion opportunity of up to an additional 320,000 square feet.

Hanover Direct is in the process of closing and outsourcing their fulfillment business to GSI Commerce. The transition is expected to be complete in the next several months.

In March Governor McDonnell touted the addition of 60 new GSI fulfillment services jobs in Martinsville. GSI received $150,000 in state and local funds with $75,000 coming from the governor’s opportunity fund. The incentives are expected to keep Hanover Direct fulfillment services in Virginia.

“This property represents one of the preeminent industrial facilities available for sale in the United States and it presents a real opportunity for the Commonwealth of Virginia and our community to expand employment and economic growth” according to Dennis Cronk President/CEO of Poe & Cronk. “We look forward to working in partnership with the local, regional and state economic development groups in identifying the perfect fit for this unique property.”

Cronk wrote in an email that they are the exclusive listing broker for the Hanover Direct property and that they have been working closely with the Roanoke County Economic Development Group as well as the Regional Partnership and Virginia Department of Economic Development.

Any state and local incentives will depend on the ultimate user and will be handled by the various Economic Development Groups he stated. Cronk believes that the property will be attractive to a number of different users including fulfillment, distribution and manufacturing.

The many key features including building size, ceiling height, expansion capabilities and accessibility to key transportation routes will be part of the marketing plan. Cronk said that they were impressed with the level of interest that the property has already generated.

The asking price is $12,800,000 and the property will be marketed worldwide.

Posted By Valerie Garner

Categories: Business



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