Springfield business property sold for $15M

Sept 19, 2017

A private equity firm based in Atlanta recently purchased a business property leased by Eby-Brown for $15 million as part of a larger real estate transaction, according to the firm’s founder.

Records from the Clark County Auditor’s Office shows the property at 1982 Commerce Circle in Springfield was recently purchased by a limited liability company for $15.3 million. The property is the business address for Eby-Brown, a convenience store supplier and wholesale food distributor.

DETAILS: Unemployment rates drop in August in Clark, Champaign counties

Eby-Brown company officials didn’t return several calls seeking comment.

Stonemont Financial Group is an Atlanta-based company that manages the limited liability company that bought the property. CEO William Markwell III said his company also has offices in Cleveland, Philadelphia and Charlotte, NC., and was founded in 2007. The firm manages investment-grade real estate throughout the U.S. and Canada.

“We purchased that property as part of a larger 100-asset portfolio acquisition,” Markwell said. “The total portfolio was $1.3 billion and this happened to be one of the assets. We are very excited to own this part of the portfolio.”

He said Eby-Brown leased the property from a previous owner and will continue to do so after the transaction.

READ MORE: Springfield-based EF Hutton reports $2.1M loss

“This is part of a new fund we recently launched to the market,” Markwell said. “We are an Atlanta-based real estate private equity firm.”

Eby-Brown is the largest family-owned, wholesale consumer products distributor in the convenience industry, the company states on its website. The company owns and operates eight distribution centers throughout the Midwest, South, Southeast and East Coast.

The business is hiring full- and part-time positions for all shifts to work in its Springfield warehouse, according to a sign at its property.

MORE BUSINESS NEWS:

Speedway expansion rare opportunity, seals Clark Co. presence

Speedway adds jobs, moves forward one year after $2.8B Hess deal

Food companies growing job field for Clark County

Local firm lays off more than 30 employees