Sale of 613,112 SF Morristown Industrial Facility Announced
By Press Release
April 20, 2010
Tower Investments Sells Former Universal Furniture Building to CMH Set and Finish
Morristown, Tenn. - (April 20, 2010) - Tower Investments, LLC, a Calif. - and Tenn. - based real estate investment and development firm announced today the sale of the former Universal Furniture building to CMH Set and Finish, Inc.
The 613,112-SF facility is situated on 35 acres on East Morris Blvd. in Morristown.
"One of the Tower Investments' guiding principles is to locate, purchase, improve then market properties to industrial users around the world," stated David Marks, senior vice president at Tower Investments. "We were able to achieve this with the Universal Furniture building, and we are excited that the new owner will be able to utilize the building and create jobs for the community."
Tower purchased the property in 2006. The company managed and leased out portions of the buildings and made several tenant improvements, including re-roofing a large portion of the building.
"The size, layout and well-maintained facilities of this property were ideal for CMH," said Marks. "Likewise, its location in the burgeoning Morristown-MSA and its desirable interstate connectivity made this an optimal acquisition for them."
About Tower Investments, LLC
Formed in 1989, Tower Investments, LLC, is a private, family-owned real estate investment and development company with more than 100 real estate projects in 15 states. Tower currently owns other industrial properties in Tennessee (Dyersburg, Jackson and Paris), and in cities within close proximity to Morristown/East Tenn., including Somerset, KY; Lexington, NC; and Greenville, SC. Tower invests its own capital in residential, commercial, retail, industrial and agricultural real estate. Visit www.towerinvestments.com to learn more.