Manufacturing Company Purchases Major Warehouse
Priced above what the market could support, this former paper packaging manufacturing plant sat on the market for awhile. But a manufacturing company growing its current product line has purchased the property for $2.2 million.
Logan DeVries, a broker associate with NAI Halford who brought the buyer to the property, was “glad to be part of one of the largest industrial buildings sold in Northwest Florida in many years, which in turn will provide and retain more jobs for our local economy.” He adds that it’s “very encouraging to see our local business owners investing back in the local area and continuing to grow their business; keeping in mind there is so much pull to move out of state with other incentives.”
Sitting on 16.82 acres just 14 miles north of Pensacola, the warehouse had plenty of room for a variety of purposes. In addition to size, what ended up selling the buyer were the rail spur access and location. “The value of this massive building with the interior systems already in place was a huge bonus for this manufacturing facility,” says DeVries.
But timing is everything, and when this property came available the market was unable to support the list price, notes DeVries. Originally priced at $5.3 million in 2009, the warehouse’s list price was dropped to $4.9 million in 2010 and again in 2012 to $3.95 million. Although its sale price was even lower — $2.2 million — DeVries sees a positive trend in the market.
“The economy seems to be on a slow but steady trend in the right direction, and confidence is once again building with our consumers,” he said.
Address: 101 Stone Blvd., Cantonment
List Price: $5,300,000 ($33.11/sqft)
Sold For: $2,200,000 ($13.75/sqft)
Square Feet: 160,050