B+E, a brokerage and technology platform for net lease real estate, announces the listing of a fully-leased, approximately 130,185-square-foot distribution center located at 880 Acorn Drive, Harrisonburg, Virginia, for $7,200,000.
The NN lease is at a below market rental rate with a single tenant, American Tire Distributors, and sits on +/- 12.45 acres of land and is listed at a cap rate of 6.25%. The building was expanded by 40,000 SF in 2017 and has excess land for additional expansion or another building.
“This is a great investment opportunity with an established $5 billion business,” said Tim Hain with B+E. “American Tire Distributors has a network of 146 distribution centers/mixing warehouses and this location is in the largest city on the I-81 corridor in Virginia. Harrisonburg is an attractive city due to its affordable labor rates, highly skilled and professional workforce, and James Madison University supplying talent for all fields.
“Many other companies have their distribution/manufacturing and food processing facilities in the Harrisonburg MSA such as Walmart, Marshalls, MillerCoors, Cargill, Perdue, Danone North America, Sysco, American Tire Distribution and Bridgewater Foods.”