Saturday, January 12, 2008

Home Depot Enters $41 Million Sale Leaseback of Distribution Center in Virginia

The Winchester Star - January 12, 2008

The Home Depot Distribution Center at Eastgate Commerce Center has been sold to a private equity firm as part of 10-year lease-back agreement that will keep the massive warehouse operating in Frederick County for at least another decade.

Equity Industrial Winchester LLC and Equity Industrial Winchester LP, both based in Needham, Mass., bought the 842,000-square-foot warehousing facility for $41 million, according to Frederick County’s electronic property records.

Home Depot USA bought the 60-acre property at Eastgate Commerce Center, on U.S. 522 South and Tasker Road, in 2003 because of its proximity to the Virginia Inland Port in Warren County.

The port provides a central location to transfer goods to and from the Virginia Port Authority’s marine terminals in the Hampton Roads region to warehouses in Winchester, Front Royal, and beyond.

Anne Manning, senior manager of field communications for The Home Depot’s southern division, confirmed that the company entered into the lease-back agreement.

The building has 40-foot ceilings and about 350 truck bays. When it opened in January 2004, it featured a fitness room, training classrooms, showers, lockers, and a recreation with table games such as ping-ping and air hockey. Sphere: Related Content

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