warehouse and distribution center and/or manufacturing · pdf filewarehouse and distribution...
TRANSCRIPT
Warehouse and Distribution Centerand/or Manufacturing Center
Berkeley County, WV
PROPERTY OFFERED FOR SALE$4,725,000
105,000 s.f. on 10 acres with potential for expansionImmediate interstate, rail and air access
Adjacent to three business parks and regional airport
June Parker Estill, RECS, REALTOR®/Broker,The Hawthorne Group
1020 Winchester AvenueMartinsburg, WV 25401
www.hawthorne-group.com
INTRODUCTION page 2 of 8
The subject property, comprised of two structures, is situated on a 10-acre parcel identified as Arden TaxDistrict Map 14, and Parcel 12. The title is recorded in Deed Book 777, Page 376 showing the owner asA&S Warehouse, Inc., a West Virginia corporation. The physical address is 5491 Tabler Station Road,Inwood, West Virginia. The property is approximately 5,000 feet from the intersection of WV Route 32(Tabler Station Road) and I-81. The subject property is offered for sale – not the A&S warehousing operation.
The Tabler Station region of the Eastern Panhandle of West Virginia continues to attract more interest fromindustrial users and distribution operations than other areas. Orgill, hardware distributor, and Swift Carriers,recently expanded their facilities. Guardian Fiberglass is in the process of expanding their manufacturingfacility. The former World Kitchen and Tuscarora manufacturing facilities have been modified for reuse. Morerecently, developed properties include Virginia Honey, Associated Asphalt, and others. A major nationalindustrial developer has 175 acres under contract and the preliminary plat for the project has been presentedto the planning commission. Added to these activities is the airport expansion process that is expected toexceed $300 million upon completion.
LOCATION AND NEARBY AMENITIES
Berkeley County, West VirginiaThe property is located in Berkeley County, WV, among the fastest growing100 counties in the USA and the site of several federal governmentfacilities and related contractors including the IRS, Coast Guard, andthe VA Hospital.
Roads and AccessInterstate-81 is rapidly becoming the EasternSeaboard’s major freight traffic artery,predominately due to congestion and ongoingrepairs on I-95. The property is located nearexit 8 of I-81 in Berkeley County, WestVirginia. Therefore, the property’s location isparticularly important to warehousing anddistribution activities.
The subjec property is located approximately: • 5,000 feet from exit 8 of I-81, with an
average traffic count of 60,000 per day • 20 miles south of the intersection of
I-81 and I-70 leading eastward to Baltimoreand Washington, DC.
• 30 miles north of the intersection of I-81 and I-66.
Additionally, it is located near the following ports:Virginia Inland Port 40 milesWashington, DC 90 milesThe Port of Baltimore 100 milesThe Port of Philadelphia 200 milesThe Port of Virginia 250 miles
Drive Time*Baltimore: 1:37Washington, DC: 1:43Harrisburg: 1:36Pittsburgh: 3:40Philadelphia: 3:19New York: 4:23Charlotte: 6:11Detroit: 7:30Boston: 8:13Chicago: 10:15*MapQuest
RAILThe subject property, which fronts TablerStation Road, is served by the Winchesterand Western Railroad that connects withCSX in Martinsburg four miles to the north.The subject property, has a rail spur on theproperty that is in proper operatingcondition and is used frequently.
AIREast of the subject property is the EasternWest Virginia Regional Airport, which hasthe longest runway in the State. Therunway is being extended and muchupgraded to ‘beddown’ the Air NationalGuard’s fleet of 11 C-5 cargo aircraft. Some 1,250 service personnel and civilians are based at the local AirNational Guard facility. The overall investment in the airport extension, additions and modifications isestimated to be $270 million.
BUSINESS PARKSThe subject property adjoins the Tabler Station Business Park owned by the Berkeley County DevelopmentAuthority. Along Tabler Station Road to the west of the subject property are two large industrial facilities:Guardian Fiberglass and Orgill Hardware Distribution. South of these facilities is the Berkeley CountyIndustrial Park, home of Swift Carriers, Associated Asphalt, Brentwood Industries, Royce Hosiery, MackIndustries, etc. The John D. Rockefeller Science and Technology Park is adjacent to the airfield and quartersSwearingen Aircraft, Arcadia Aviation and others.
Guardian Fiberglass
Orgill Hardware
TABLER STATION ROAD
�81EXIT 8
page 3 of 8
Eastern West VirginiaRegional Airport
Tabler StationIndustrial Park
RockefellerTechnology Park
RAIL LINE
RAIL LINE
TABLER STATION ROAD
page 4 of 8PROPERTY DESCRIPTIONSTRUCTURE A
Construction Date: 1960, renovated in 2003Size: 255’ x 160’Square Footage: 43,000 s.f. warehouse / 2,400 s.f. office /additional 2,400 s.f. office on upper levelCeiling Height: east ceiling 16 ft. / west ceiling is 15+ ft.Dock Doors: 12 - all with levelers, 2 are automaticRail Dock Doors: 6 - all served by the side rail spur
Drive-In Doors: 2Heating: 12 - 14 LP independent furnaces of optional useElectrical: 3-phase power with meterLighting: Metal halideSprinker: Dry sprinkler systemWater and Sewer: PublicParking: Gravel lot for tractor trailers
page 5 of 8PROPERTY DESCRIPTIONSTRUCTURE B
Construction Date: 2004Size: 250 x 280Square Footage: 56,000 s.f. warehouse / 3,000 s.f. officeCeiling Height: 24 feetDock Doors: 20 - all with levelersRail Dock Doors: constructed and equipped for 3 that can be activated in the futureDrive-In Doors: 2Heating: LP independent furnaces of optional useElectrical: 3-phase power with meterLighting: Metal halideSprinker: Dry sprinkler systemWater and Sewer: PublicParking: Gravel lot for tractor trailers
page 6 of 8EXPANSION OPPORTUNITY
One of the great advantages of the subject property is its potential for expansion. Situated on a 10 acreparcel, Building 1 (as seen above) was specifically designed and constructed to accommodate for newconstruction. The proposed expansion would call for the future demolition of the older Building 3 to makeway for the construction of Building 2, resulting in more than 185,000 s.f. of total space. Using thisscenario, there would still be adequate parking should the proposed expansion occur.
This property has preliminary plat approval for the proposed buildout through 2010.
page 7 of 8DEMOGRAPHIC INFORMATION
BUSINESS DEMOGRAPHICSManufacturing remains a primary industry in region in which A&S Warehouse is located primarily becauseof its lower cost of living and highway and rail access to all markets on the Atlantic seaboard.More than 2,000 manufacturing businesses are located within a 100 mile radius of the subject property,making warehousing a lucrative industry.
POPULATION DEMOGRAPHICS
COMPANY INFORMATIONA&S Warehouse, Inc. is located in Berkeley County West Virginia where it has served the warehousing anddistribution needs of international, national and regional manufacturers since 1952. A&S provides productdistribution, manufacturing overflow, inventory control, truck and rail cross dock services on a variety ofleasing terms. Over time, it’s clients have included Corning, Trex, Schneider International, RustOleum, 3M,Dupont, Georgia-Pacific, Knouse Foods, The Yellow Pages and more. The warehousing facilities are suited forthe storage of raw materials, paper, automotive parts, housewares, food products and more. During the pastdecade, A&S has enjoyed an approximate occupancy rate 85-90%. For more information, visit:www.aswarehousing.com
Company OfficersPresident – C. Bruce Beall, Martinsburg, WV Vice President – Stephen S. Grove, Asheboro, NC Secretary – Matthew W. Grove, Martinsburg, WV Treasurer – Laura E. Powell, Hedgesville, WVThe officers are stockholders and are local business administrators. Mr. Beall operates A&S Warehouse fromthe property. Mr. Matthew Grove is a local architect; Mr. Stephen Grove is a retired vice-president of an eastcoast banking operation. Ms. Powell is a CPA and controller of a Maryland printing firm.
10 MileRadius
30 MileRadius
100 MileRadius
1990 Population
59,508
383,338
9,299,385
2000 Population
72,972
454,698
10,379,885
2007Population
93,551
544,614
11,410,554
2012 Population
113,221
628,188
12,190,960
2007 Households
37,288
210,773
4,358,136
2012 Households
45,559
244,894
4,667,213
2007Average
HouseholdIncome
$57,670
$68,978
$88,103
Compared to AverageNationalIncome
$15,456less than
$4,148less than
$14,977more than
Compared to AverageRegionialIncome
$30,433less than
$19,125less than
2012Projected
Average HHIncome
$67,075
$82,465
$107,237
page 8 of 8
FACILITYThe property is offered for sale ‘as is’ at a price of $4,725,000.00. The business is not for sale.There are no known environmental hazards on or about the property. The storm water management facilityis adequate and approved. All local building codes have been met and approvals can be provided uponrequest.
TAX RATE AND COST OF LIVINGWest Virginia’s business tax rate and the cost of living are lower than in the adjoining states of Pennsylvania,Maryland and Virginia which are just minutes away, making the cost of business operation much moreaffordable.
STATE TAX CREDITSThe State of West Virginia offers a Super Tax Credit or a Small Business Credit for companies making acapital investment and creating jobs in the state. Small businesses creating a minimum of 10 jobs canreceive a credit of 30% of their qualified investment. Larger companies creating 50 to 1,000 jobs canreceive tax credits from 50% to 90% of their qualified investments. West Virginia also has additional taxincentive programs, including the Freeport Tax Exemption. This allows warehoused goods in transit to an outof state destination to be exempt from local and Ad Valorem Property Tax.
FINANCING OPTIONSThe Berkeley County Development Authority can help link business that are relocating to West Virginia withmany outstanding state financing programs. The West Virginia Economic Development Authority administersa program that provides for debt and equity venture capital investment to small business. Call the BerkeleyCounty Development Authority in Martinsburg, WV (304-267-4144) to discuss local tax incentive packagesand financing packages through local banks.
IN CLOSINGThis offering results from the retirement of one owner and the future retirement plans of the others. There isan existing debt on the property. While there is no owner participation in assisting with financing, thismight be considered at the discretion of the group. All information is true and correct to the best of myknowledge. The prospective purchaser is urged to verify all information to their satisfaction prior to enteringinto a contract to purchase.
Respectfully submitted,
June Parker Estill, RECS, Broker/REALTOR® The Hawthorne Group 1020 Winchester Avenue Martinsburg, West Virginia 25401 304. 263. 3360Email [email protected]
CONCLUSION