NEWS RELEASE
Contact: John Lipscomb, Bogar, L.L.C. 540-563-9903
Doug Chittum, Roanoke County Economic Development 540-772-2069
Investor Group Acquires Prominent Roanoke County Industrial Facility
ROANOKE, VA - Bogar, L.L.C. announced today that it has acquired the 100 acre Ingersoll Rand property in Northeast Roanoke County. The 325,000 sq. ft. manufacturing facility has been the home of the Ingersoll Rand Rock drill division since 1968. Due to corporate restructuring, Ingersoll Rand gradually diminished their rock drill division and relocated or consolidated much of this operation to Texas during the mid 1990’s. This resulted in the creation of excess capacity at the Roanoke facility, and ultimately, the corporate decision to sell the property for re-development. Ingersoll Rand will however, remain a tenant in the portion of the building housing their current operations.
Bogar, L.L.C. has successfully negotiated the acquisition of the property, which includes a desirable 70-acre vacant site that is zoned for industrial uses, and is being marketed to attract new businesses to the area. Further, the owners plan to develop the building as a multi tenant facility, leasing the space to a variety of industrial or distribution and office tenants.
One of the principal owners of the development is also occupying space in the building. Gary Sledd, CEO of Valley Machine & Maintenance Company plans to relocate a machine parts manufacturing business in 56,000 sq. ft. of the facility.
“The purchase of this outstanding facility by Bogar is particularly beneficial to Roanoke County’s economic development efforts due to the new owner’s excellent reputation and experience in the redevelopment of industrial and commercial properties throughout the Roanoke Valley,” said Elmer Hodge, Roanoke County Administrator. Bogar, L.L.C. was aided in its decision to acquire the property by Roanoke County’s Economic Development staff, who will partner with the new owners to market the property for new business development. “The Ingersoll property has recently attracted numerous prospective businesses to the Roanoke Valley due to its large size, excellent condition and strategic location, just four miles from Interstate 81. We are pleased that Bogar, L.L.C. has acquired the property so that it may now be developed to its full potential,” said Doug Chittum, Roanoke’s Director of Economic Development.
About Roanoke County Economic Development
The mission of the Roanoke County Department of Economic Development is to attract to the County quality jobs and investment that diversify the economy, broaden the tax base, and provide long-term employment opportunities for area residents through new business recruitment and existing business expansions.
About Bogar, L.L.C.
Two of the new owners, operating under several ownership names, John Lipscomb and David McCray have redeveloped the Lane Furniture plant in Rocky Mount, the Singer Furniture plant in Roanoke, the Halmode Apparell plant in Roanoke, and other facilities throughout the Southwest and Central Virginia area. They also successfully converted the Roanoke-Salem Plaza and the K-Mart on 24th Street and Melrose Avenue from strictly retail properties to light industrial/retail centers.
About Ingersoll Rand
Ingersoll-Rand (NYSE:IR) has participated in the world’s construction and mining industries since 1871. Now, however, Ingersoll-Rand has achieved tremendous diversification as a global innovation and solutions provider with powerful brands and leading positions within its markets. The company features a portfolio of worldwide businesses comprising an enviable roster of leading industrial and commercial brands, such as Bobcat compact equipment; Club Car golf cars; Dresser-Rand turbomachinery; Hussmann stationary refrigeration equipment; Ingersoll-Rand industrial and construction equipment; Kryptonite locks; PowerWorks microturbines; Schlage locks and Thermo King transport temperature-control equipment. For more information visit www.irco.com
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