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347 S Oak LnWaynesboro, VA 22980
Hathaway Paper
Asset ClassIndustrial
15-YEAR ABSOLUTE NNN INDUSTRIAL SALE LEASEBACK WITH MARKET-LEADING PAPER DISTRIBUTOR
overview of deal

Overview

Cushman & Wakefield | Thalhimer is pleased to exclusively present the sale-leaseback of a 30,750 SF Class A warehouse on ± 4.98 acres located off Interstate 64/81 in Waynesboro, VA, part of the Charlottesville MSA. Hathaway Paper Company, a regional distributor of industrial paper, packaging, and maintenance supplies, will enter into a 15 year absolute NNN leaseback at closing with the Purchaser. Headquartered at the Property for over 40 years, Hathaway Paper utilizes the facility for distribution, general warehousing, and packaging of products.

 

The Property is ideally located just off Interstate-64 (Exit 96) which connects directly to Interstate 81, 11 miles to the west. The asset is positioned within Waynesboro's main industrial park with nearby large industrial users such as Blue Ridge Beverage, Estes Express Lines, Kenco Logistics, Lawrence Freight, Lineage Logistics, and Northrup Grumman's brand new electronics manufacturing and testing facility (2025 delivery). The Shenandoah Valley industrial market remains one of the tightest on the East Coast with a

current vacancy rate of 2.1% and 60+% rental rate growth since 2021.

 

The combination of a secure and escalating income stream from a strong tenant, 15 year lease term, ideal interstate access, and highly functional/modern industrial asset makes 347 S. Oak Lane an excellent investment opportunity in a highly desirable secondary market.

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Investment Highlights

  • 15-YEAR SALE LEASEBACK with a leading regional distributor of industrial paper, packaging, and maintenance supplies
  • Absolute net lease with 2.5% ANNUAL RENT ESCALATIONS and ZERO landlord responsibilities
  • EXCELLENT INTERSTATE ACCESS directly off Interstate 64 (1.9 miles) which feeds directly into Interstate 81 (11 miles) to the west
  • HEADQUARTERS LOCATION for Hathaway Paper Company who uses the facility for distribution, general warehousing, and packaging of products
  • Located within WAYNESBORO INDUSTRIAL PARK with other large warehouses users including Blue Ridge Beverage, Estes Express Lines, Kenco Logistics, Lineage Logistics, Lawrence Freight, and Northrup Grumman
  • EFFICIENT AND MODERN FUNCTIONALITY - 23.5' - 24.5' clear heights, five dock doors with levelers, LED lighting, 125' truck court
  • LOW COVERAGE SITE with potential for expansive INDUSTRIAL OUTDOOR STORAGE
  • Extremely Tight Shenandoah Valley Industrial Market - 2.1% VACANCY RATE and 60+% RENT GROWTH Since 2021
347 S Oak LnWaynesboro, VA 22980

CONTACTS

Bo McKownVice President, Capital Markets(804) 697-3420bo.mckown@thalhimer.com
Jenny StonerSenior Vice President (434) 234-8417jenny.stoner@thalhimer.com

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Listing provided by Revere CRE