Continental Pickett’s Line LLC has purchased two industrial buildings in Newport News, Va., in a transaction valued at $5.8 million.
The Nippon Express buildings are located at 281 Pickett’s Line in Oakland Industrial Park. The two warehouse/distribution facilities combine for a total of 170,000 square feet situated on 12.75 acres of land.
The seller was Nippon Express USA. Continental Pickett’s Line will lease back 90,000 square feet to Nippon. The other building, which comprises 80,000 square feet, is available for occupancy.
The property is located in Oakland Industrial Park, Newport News’ 645-acre industry park, which features the AAFES distribution center, Iceland Seafood, Printpack, Newport News Industrial Corp., Pliant and others.
Robert L. Phillips, Jr. of Thalhimer/Cushman & Wakefield in Newport News and Hitoshi Aratani of Cushman & Wakefield in New York, handled the sale negotiations for the seller.
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