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POE & CRONK ANNOUNCES Sale & Redevelopment of Former Johnson & Johnson Development

ROANOKE, VA.— Poe & Cronk Real Estate Group announced the sale and redevelopment plans for the former Johnson & Johnson Spectacle Lens Group development on 30+ Acres strategically located adjacent to I-581 and one mile from Roanoke-Blacksburg Regional Airport.

The new development, “Blue Ridge Commerce Park” Includes the existing 146,852 SF fully conditioned high-tech medical grade manufacturing, office and warehouse facility expandable to 250,000 SF.  The remaining acreage is ideal for future Office and/or R & D Facilities.

The purchaser, Briar Oaks Investments VII, LLC., an experienced Real Estate investment group identified this property as an excellent opportunity to address the growing demand for quality space to serve the technology, educational and life health sciences industry throughout the Blue Ridge Region.

According to the Purchaser “Briar Oak Investments was drawn to this investment opportunity due to the exceptional quality of the building’s construction, its excellent location and visibility from Interstate 581 near Interstate 81, the quality of its existing tenants and the opportunity represented by the approximately 110,000 square feet of available office and institutional space designed to the exacting standards of medical manufacturing.   The adjacent “shovel ready” building pad also offers exciting opportunities for a build to suit tenant.  We look forward to working with Poe & Cronk in reenergizing this important asset for Virginia’s Blue Ridge.”

“We are pleased for the opportunity to represent the New Owner and look forward to serving as their Exclusive Agent and Property Manager.,” said Dennis Cronk, Chairman/CEO of Poe & Cronk Real Estate Group. The sales price was $6,268,000. Jacob Quesinberry, MBA and Dennis Cronk, CCIM, CIPS, CRE represented the Purchaser in this transaction.