Poe & Cronk Real Estate Group is pleased to announce the successful sale of the Blue Ridge Technology Center, a premier industrial asset located at 2797 Frontage Road NW in Roanoke, Virginia.
The property, comprised of a 146,852-square-foot industrial facility situated on approximately 30 acres, sold for $9,075,000, completing one of the region’s most important industrial transactions. This sale culminates a nearly ten-month process that required close coordination among the Poe & Cronk team, buyer, seller, local and state government officials, and other stakeholders. The successful closing reflects the strength of the Roanoke industrial market and the collaborative efforts of all parties involved.
“This transaction demonstrates the continued demand for well-positioned industrial properties in Southwest Virginia,” said Jacob Quesinberry, SIOR, Senior Vice President and Partner with Poe & Cronk Real Estate Group. “The Blue Ridge Technology Center represents a significant regional industrial asset, and we are proud to have been an integral part of the team effort to achieve a successful outcome in bringing international cosmetic manufacturer RINGANA to the Roanoke Valley. We appreciate the cooperation and dedication of everyone involved in bringing this deal to the finish line.”
According to the Roanoke Regional Partnership, “RINGANA’s announcement that it will invest $85 million and create 435 jobs here over the next five years is the largest capital investment of any Foreign Direct Investment project in the Roanoke Region’s history, and the largest jobs announcement by a newly locating manufacturer in more than 30 years.”
Poe & Cronk Real Estate Group is proud to have been a catalyst in this effort. Poe & Cronk worked extensively with local and state agencies throughout the transaction to navigate the unique challenges associated with this opportunity to ensure a successful closing.
About Poe & Cronk
Poe & Cronk Real Estate Group is a locally owned and internationally recognized full-service commercial real estate firm serving Western Virginia and surrounding markets. With more than 40 years in business and a team possessing over 300 combined years of commercial real estate expertise, the company specializes in the sale, leasing, management, and investment of commercial and industrial properties. Poe & Cronk delivers market-leading brokerage and advisory services backed by deep local knowledge and extensive industry relationships.