Shell Building SOLD!
April 12, 2012
Contact: Brandon Plotnick, Coordinator, Marketing & Communications
(910) 433-6766 ; email@example.com
Investment Value: $1,500.000
On April 12, 2012, The Fayetteville-Cumberland County Chamber of Commerce announced that its Board of Directors unanimously approved the sale of the vacant “Shell Building” on Tom Starling Road. The building has been sold for $1.5 million to Allison Holdings, LLC, a Systel Related Entity for Real Estate Holdings. The group is led my majority owner Keith Allison.
The 125,000-square-foot commercial building was built in 2002 and was designed as an economic development piece for the community to use to market its viability to potential businesses wanting to move into the area. The practice of building a shell building is not uncommon and is done reg-ularly throughout the country. The buildings are typically left unfinished so a company can develop the rest of it to fit their needs.
According to Systel, they plan to open a new distribution center at the facility. It will serve as the company’s central distribution point for all 11 of their Southeastern locations.
“We’ve had to acquire additional warehouse space every year to accommodate our growth,” said Keith Allison, President & CEO of Systel. “We store over $10 million worth of inventory which is currently spread out over four different locations across Fayetteville. This growth has been made possible by the hard work of our Systel employees and partnering with the top manufacturers in the industry: HP, Ricoh, and Konica Minolta, so we are excited about out this venture and to be able to support the community that our headquarters has called home for over 30 years.”
“This building has served as a distinct calling card representing investment product in the community and it’s been a viable economic development tool,” Peters said. “When a local company chooses to reinvest in its community it’s a great testament to the viability of our business climate.”
According to a company release, Allison Holdings, LLC will begin development of the facility once the sale closes (mid-May). Systel said the building needs substantial upfit including a new roof, concrete flooring, and electrical work. Systel will be making the investment in the property required to make the building a Class A Distribution Center which they expect to grow into over the next two years.
“Keeping our distribution site local, creating additional jobs and hopefully encouraging other major investors to look at Fayetteville are all ways we are continuing to give back to the community that has given so much to us over the last three decades,” Allison said.