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Company buys SuperValu warehouse in Milton

By Herald-Dispatch, Huntington, WV
October 12, 2007

MILTON -- Tower Investments, a multi-state real estate investment and development company, has purchased a nearly 250,000-square-foot industrial facility at 386 James River Turnpike. SuperValu will remain in the building, which it will now lease from Tower Investments.
 
The facility was built about 30 years ago by American Real Estate Holding Co. and was leased as a dry goods and cold storage distribution facility to SuperValu, a grocery retail chain headquartered in Minneapolis.
 
"Our strategy was centered on a quality building, with a great tenant in a strategic location," Seth Curran, a project manager with Tower Investments, said in a press release. "Tower welcomes the opportunity to help Milton capitalize on its location and workforce to continue to strengthen the area's economy."
 
Curran noted that with its 28- to 33-foot ceilings, cold storage for meat and produce, 46 loading docks and extensive  space, the facility is equipped to accommodate a number of different tenants. It spans eight acres and includes 22,900 square feet in office space.
 
"Milton's location off the I-64 makes it attractive for companies serving the West Kentucky and Charleston markets," Curran said. "There is nominal warehouse space in the area and very little land suitable for building properties of this kind in mountainous West Virginia."
 
Steve Allen of Old Colony Realtors represented American Real Estate Holdings in the sale.
 
"This was a win-win for all involved, most of all the city of Milton," Allen says. "By keeping SuperValu operations here, the city retained more than 100 jobs."
 
Formed in 1989, Tower Investments LLC is a real estate investment and development company owned by the Marks family and employees, with more than 100 real estate projects in 17 states. 
 
 

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