ROANOKE TIMES
Copyright (c) 1997, Roanoke Times
DATE: Saturday, April 5, 1997 TAG: 9704070055
SECTION: BUSINESS PAGE: A-5 EDITION: METRO
SOURCE: MAG POFF THE ROANOKE TIMES
When Kroger quits its lease, extensive upgrades will be performed for other industrial and distribution companies.
A warehouse occupied temporarily by The Kroger Co. while it expands its distribution center in Roanoke County, has been sold to investors.
Georgia-Pacific Corp., which formerly used the building as a distribution center, sold the property to Mer-Mar Enterprises of Roanoke. The $1.5 million transaction was announced this week.
The property includes a 127,000-square-foot warehouse and nine acres at 3702 Blue Ridge Drive in Roanoke.
Partners of Mer-Mar Enterprises of Roanoke are J.B. Goria, owner of J.B. Goria Commercial Real Estate in Roanoke, and Dr. Milton Rosenberg, a surgeon in San Francisco. Goria's firm represented the buyer in the transaction.
Georgia-Pacific, an Atlanta-based forest products company, was represented by C.B. Commercial Real Estate of Atlanta and by Hall Associates Inc. of Roanoke.
Goria said Georgia-Pacific is phasing out its Roanoke distribution center, which operated at that site. Its distribution in this area is being handled from a facility in Charlotte, N.C.
The warehouse is leased by Kroger, which is using the entire facility as a warehouse and distribution center for its area supermarkets. Goria said Kroger will lease the space for two or three years until it completes expansion of its own facility on Garman Road in Roanoke County.
When Kroger vacates the warehouse, Goria said, Mer-Mar will perform extensive upgrading of the property, and offer it for lease to industrial and distribution users.
LENGTH: Short : 40 linesby CNB