Manakin Holdings purchased the 378,720-square-foot facility from Brennan Investment Group, securing a long-term tenant with two decades of occupancy.
Manakin Holdings, a private Virginia family office, acquired a 378,720-square-foot distribution center in Elliston, Virginia, for $32 million on August 21, 2026. Cushman & Wakefield | Thalhimer's Capital Markets Group represented the seller, Brennan Investment Group, in the transaction.
The Class A facility at 2121 Gardner Street serves as the sole U.S. distribution center and corporate headquarters for Rowe Furniture, a custom upholstered furniture manufacturer. The tenant has occupied the property for more than 20 years.
The property sits along the Southern Virginia Interstate 81 corridor outside Roanoke. The fully air-conditioned warehouse features 29-to-35-foot clear heights, ESFR sprinklers, 36 loading doors in a cross-dock configuration, and abundant auto and trailer parking.
Bo McKown and Eric Robison of Thalhimer's Capital Markets Group represented Brennan Investment Group. Davis Stoneburner of Thalhimer's Industrial Services Group in Roanoke provided leasing advisory services.
Thalhimer's Capital Markets Group has completed 473 transactions totaling more than $6.7 billion and over 70 million square feet since 2012, the firm said. The group focuses on investment sales of income-producing properties throughout Virginia across office, industrial, retail and multifamily sectors.
The Deployment Angle
Family Office Real Estate Daily Desk · our analysis, not the source's
The transaction prices at roughly $85 per square foot for a single-tenant industrial asset with 20-plus years of occupancy history. A family office buying directly suggests the appeal of known tenant credit and operational stability over speculative development or value-add repositioning.
The underwriting challenge is tenant concentration. Rowe Furniture operates both its distribution hub and corporate headquarters from the site, which reduces relocation risk but means vacancy or renewal failure would be binary. A direct buyer needs detailed lease terms, remaining term, extension options, and rent-to-market analysis to model downside scenarios. If the lease is short-dated or Rowe's business is cyclical, the equity cushion narrows quickly.
For family offices considering similar acquisitions, the I-81 corridor location offers last-mile and regional distribution logistics exposure without gateway-market pricing. The spec is institutional-grade, which supports future sale liquidity or third-party leasing if the tenant departs. The route here is direct ownership via a separate account or programmatic partnership with a sponsor that has tenant relationships and Virginia market depth, not a blind-pool fund allocation.
Price discipline depends on the cap rate implied by the purchase price and the in-place rent. At $32 million, a 6 percent cap rate would require roughly $1.92 million in annual net operating income, or about $5.08 per square foot. If market rents for comparable distribution space are materially higher, the buyer has mark-to-market upside at renewal. If they are flat or lower, the acquisition is a hold-to-maturity credit bet on Rowe Furniture's lease performance.
