The new owner not only got the deed to the 53,700-sf warehouse at 800 S. Fourth St., but picked up a long-term tenant, Ferguson Enterprises Inc., for an immediate yield, Greg Morris, senior vice president for Dunn Commercial LP in Arlington, tells GlobeSt.com. He adds the Cleveland-based Parker Hannifin, a long-time employer for the fast-growing suburban city, will continue to manufacture and distribute Stratoflex hoses from the building next door.
Morris says the local investor was one of two simultaneously placing offers for a listing that was on the market nearly a year. The contract took six months to cross the closing table due to the buyer's due diligence process, according to Morris, who teamed with Dunn's newest associate Aaron Stalberger to close the deal.
Parker Hannifin inherited the 35-year-old building with a business takeover and used it at least 15 years as a distribution point for hoses and fittings. Morris says the shutdown of a local plant drove the decision to divvy and sell part of the site. He says a full-building makeover is about to begin for the new tenant, a Newport News, VA distributor of plumbing supplies. Natalie Kampen and Kurt Griffin with Dallas-based Cushman & Wakefield of Texas Inc. represented the buyer.
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