BY BILL FREEHLING
A 10-acre parcel of land in the King George County Industrial Park sold this week to a group of local real-estate investors.
The sale included the land at 11130 Dennis W. Kerns Parkway and an unfinished 75,000-square-foot warehouse built in 2005 by American Glass Industries Inc., an auto-glass maker that went out of business.
King George Warehouse Associates LLC--a partnership of John Janney, Philip Atkins and Michael Colangelo--bought the building and land for $900,000. Colangelo said renovation work is expected to cost between $800,000 and $1 million.
The buyers inherited about $26,436 in back taxes. Last week, the King George Economic Development Authority voted to reimburse that after KGWA obtains an occupancy permit and leases at least half the building. They have until the end of 2010 to do so.
The property, zoned heavy industrial, has access to CSX rail tracks that run through the park. KGWA is buying the property from Wachovia Small Business Capital, which took it over after American Glass closed.
The sale was handled by Fitz Johnson of Johnson Realty Advisors, which will do the leasing. The warehouse, which can be subdivided, will be ready for lease Feb. 1. Colangelo said KGWA liked the location for its access to U.S. 301 and Interstate 95.
King George began developing the park about six years ago. It's off State Route 3 in the western part of the county, near the Birchwood Power Plant. The park is about 145 acres, but the King George Board of Supervisors has an option to buy another roughly 345 acres. Gerdau Ameristeel, Mid-Atlantic Precast Co. and Superior Paving Corp. are among the businesses either operating or under construction there.
To see a PowerPoint presentation that CSX gave to the King George Board of Supervisors this year on the industrial park's potential, go to Fredericksburg.com/blogs/bizbrowser.
Bill Freehling: 540/374-5405
Email: bfreehling@freelancestar.com