CBRE National Partners Arranges Sale of Martinsville, VA. Industrial Portfolio for $33.5M

CBRE announced the sale of 3375 and 3379 Joseph Martin Highway, a two-building industrial portfolio totaling 889,672 square feet. The properties are located at 3375 Joseph Martin Highway and 3379 Joseph Martin Highway in Martinsville, VA. Radial purchased the industrial park from Bowles, LLC for a total of $33.5 million.

Bo Cashman, Jonathan Beard, Michael Hines, Brian Fiumara, Brad Ruppel, and Joe Hill with CBRE National Partners arranged the transaction on behalf of the seller with support from CBRE’s Jason Hetherington and Brad Lowry, who served as the local market advisors.

“We ran a lengthy process to identify the right buyer for these Southern Virginia industrial assets. The volatility in the capital markets presented challenges to completing the sale, but logistics properties remain a top choice for investors and the ownership had built highly functional assets that attracted strong tenants enabling us to execute on the sale despite the challenges,” said CBRE Executive Vice President Bo Cashman.

Ideally situated at the Virginia and North Carolina border, 3375 and 3379 Joseph Martin Highway are accessible to growing population centers: 64 miles from I-81, 43 miles from Greensboro, NC, 49 miles to Winston-Salem, NC and less than two hours from Raleigh, NC.

“We found this two building asset sale particularly satisfying because we had a seller who had expertly developed and maintained their properties, setting the stage for a smooth transaction from start to finish,” said CBRE Executive Vice President Jonathan Beard. “We also had a buyer who was focused on closing, as they saw the value in controlling their own real estate and satisfying their logistics needs long-term. This was truly a win-win transaction for everyone. We look forward to working with the owner on the disposition of the rest of their substantial portfolio in the coming months.”