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30-Property Industrial Portfolio in Mexico Offered for Sale by Institutional Property Advisors

March 07, 2022
TOANO, Va., March 7, 2022 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of 9000 Westmont Drive, a 175,000-square-foot single-tenant medical product supply facility in Toano, Virginia. The property sold for $22 million.

“The facility is 100% triple-net leased to Avid Medical Inc., a wholly owned subsidiary of Owens & Minor, a publicly traded medical supply corporation that has seen increasing demand for its supplies and services,” said Robert Filley, IPA senior director. “The property is a critical production facility for Avid’s custom surgical kits and personal protective equipment (PPE), which continue to see great demand from hospitals.”

Filley teamed with IPA’s Chandler Pace, Randall Heilig and Robert Bechtel, as well as Marcus & Millichap’s Christopher Dale to represent the seller, MICPAR Realty LLC and procure the buyer, 9000 Westmont Owner LLC. Brian Hosey, first vice president and district manager is Marcus & Millichap’s broker of record in Virginia. “Avid made substantial tenant investments to the building and 7.5 years of lease term remain,” added Pace.

The manufacturing warehouse is located on the Interstate 64 Peninsula between Richmond and Norfolk, close to the Port of Virginia and Richmond International Airport. Raw materials, including PPE components and other medical supplies made abroad can be shipped to Norfolk from 48 nations. Materials can also be flown in and out of Richmond International Airport. The workforce is drawn from a population of 62,000 within 10 miles, and over 200,000 within 30 miles.

Constructed in 1998 and expanded by 25,000 square feet in 2009, the two-story facility has a massive track system and state-of-the-art clean rooms. The warehouse area has 113,834 square feet of space and the office area is 61,118 square feet. The facility has 10 dock-high loading doors and 366 parking spaces.

 

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About Institutional Property Advisors (IPA)

Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.

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