Time Equities (TEI) has acquired 445 Industrial Drive, an approximately 100,000-square-foot industrial building in Ridgeway, Va., outside of Martinsville for $2.35 million. This acquisition marks the firm’s ninth asset in Virginia.
“The purchase of 445 Industrial presented TEI with an opportunity to continue our strategy of acquiring quality industrial properties in strategic locations at a low basis, featuring below-market rents and durable cash flow,” said Max Pastor, COO of TEI. “Our team has continued to identify opportunities to execute this strategy over the past several years, amassing nine properties in five states consisting of approximately 1,700,000 square feet of industrial space.”
Built in 1974, the property features eight rollup steel dock-height doors and two drive-in doors. The current tenant is an affiliate of Atlas Roofing Corporation, one of the nation’s largest manufacturers of building products for residential and commer