6A — September 14 - 27, 2012 — Mid Atlantic Real Estate Journal www.marejournal.com M ID A TLANTIC R EAL E STATE J OURNAL A UCTIONS The largest industrial tract in the city of Norfolk, VA Atlantic Asset Management Group to auction former Globe Iron Industrial Facility, Oct. 3, 2012
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ORFOLK, VA — A tract of commercial industrial property –
the largest in all of Hampton Rds. will be sold at auction Wednesday, Oct. 3, at 12:30 p.m. (EDT). The trustee fore- closure will be a live on-site auction, to be held in the main building of the prop- erty, at 1401 MaltbyAve. It is the former home of now-de- funct Globe Iron which, after nearly 90 years, has officially closed its doors. The tract is comprised of three buildings, each with its own address (1401-1405 Maltby Ave., 1416 Cary Ave. and 1525 Saint Julian Ave.), all situated on 17-plus acres. The three buildings have a to- tal gross building area of just under 350,000 s/f , consisting of an office building (8,400 s/f), a fabrication/manufacturing building (301,540 s/f) and a blast/paint building (39,165 s/ f). They are cleared and ready for a new occupant. “This property not only enjoys spectacular proximity to rail, interstates and one of the largest water ports in the world, it is in Norfolk’s highest advantage enterprise zone, eligible for city and state incentives and federal grant money,” said William Summs, chief executive officer ofAtlan- tic Asset Management Group, the Virginia Beach-based firm conducting the sale. Proximity is expected to be one of the property’s strongest selling points come auction day, Summs said. “It is literal- ly five minutes, without inter- ference, to I-264, which rings Norfolk and is the hub going to Interstates 64 and 464. It’s also within 20 minutes by car to seven cities: Virginia Beach, Portsmouth, Newport News, Suffolk, Hampton, Nor- folk and Williamsburg.” And, Summs said, with a direct rail spur to the port of Norfolk, “freight could literal- ly go straight from the build- ing and out into the world.” He also pointed out that there is a new Amtrak line under construction along the property that is expected to be completed in December. Accessibility by water is also seen as a big plus for the tract. Hampton Roads (the name for both a body of wa- ter and the Norfolk-Virginia Beach metropolitan area, in southeastern Virginia) is
The property is in Norfolk’s highest advantage enterprise zone, making it eligible for city and state incentives and federal grant money.
The property enjoys spectacular proximity to rail (shown), interstates and one of the largest water ports in the world.
The property is just five minutes, without interference, to I-264 (which rings Norfolk), and within 20 minutes by car to seven cities.
The ceiling spans in the buildings are a phenomenal 40-60 feet. Nine industrial overhead cranes will be included in the property offering.
The tract is huge, comprising three buildings, each with its own address and with a total gross building area of just under 350,000 s/f .
home to one of the largest port facilities in the world. That the property could be so near to a major port and shipyard repair center makes it a strategic location for many industries. The rail lines pro- vide direct access to the three major Port Terminals: NIT (7 miles), PMT (6 miles) and APM (8 miles). The property has a current appraised value of $6.2 mil- lion, although it was nearly twice that five years ago, when the business and real estate were operational. Although the majority of Globe’s fixtures, furnishings and equipment have been previously liquidated, nine industrial overhead cranes remain on site. These will be included in the property offering. “The overhead cranes are
another huge plus for a buyer, because the ceiling spans in these buildings are phe- nomenal – about 40-60 feet,” Summs said. He said each of the 30-50 ton cranes is worth around $250,000. “That’s about $1 million worth of equipment that a new owner won’t have to worry about.” Summs said the facility would be perfect for shipyard use, for an industrial manu- facturer or as a distribution center. “Another million s/f of space could be added, if need be,” he said, “up to 1.8 million s/f total. We anticipate keen interest frombuyer-investors, who could lease the property or relocate part or all of their operations there. The labor pool is great.” Globe Iron tapped into that labor pool from its founding in 1923 until the recession
hit with brute force and ulti- mately forced the firm’s clos- ing. The company was run by the Mednick family, which en- joyed a reputation in Norfolk and the surrounding area for being philanthropic, with deep roots in the community. In its heyday, Globe Iron provided structural steel for an array of major projects, both locally and around the world. In the mid-Atlantic re- gion, those projects included Nauticus in Norfolk, the Ford Assembly Plant, the National Museum of the American In- dian in Washington, D.C., the expansion of Virginia Tech’s Lane Stadium in Blacksburg and nearly all high-rise build- ings in Hampton Roads. Now, after nearly 90 years, it is closed for good. Previews for the auction will be held on Wednesday,
Sept. 26, from 10 a.m. to 1 p.m; on Tuesday, Oct. 2, also from 10-1; and on auction day, Oct. 3, when the preview and registration will begin at 10 a.m. The auction will begin promptly at 12:30 p.m (EDT). Qualified phone bids will be taken on auction day and registered real estate brokers qualify for commissions. Atlantic Asset Manage- ment Group is a full-service auction firm specializing in the sale of commercial and residential real estate, commercial and retail busi- nesses, machinery, heavy equipment, surplus vehicles, commercial and pleasure marine craft, and furnish- ings, fixtures and equipment. Bonded and licensed since 1979, the group special- izes in assets of substantial value. ■
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