QVC sells North Carolina warehouse damaged in fire for $21M
A fire at a factory in December 2021 put nearly 2,000 people out of work.
QVC sold its former Rocky Mount warehouse in North Carolina that was destroyed by a fire in December 2021 for almost $21 million.
The buyer of the property is RMQ Ventures LLC. This business is addressed to Cogency Global's Charlotte office. According to a deed registered on February 16, the purchase price was $20.8 million.
The warehouse is located along U.S. Highway 64, across from the Kingsboro CSX Select megasite.
The fire, which started in the early morning hours of December 18, 2021 spread to the entire 1.2 million square foot distribution center. Kevon Ricks was one of the contractors at the site who died in the fire.
The fire forced the closure of the building, and QVC in West Chester laid off 1,953 workers. Qurate Retail Group (owner of QVC, HSN, and other properties) reported a loss of $51 million in the fourth quarter 2022. CEO David Rawlinson attributed the loss to the fire, and the'macro-pressure that affected consumer demand.'
Cogency has not responded to our request for a comment, so it's unclear what exactly the plans for this facility are. RMQ Ventures lists Schmiley Schick of Brooklyn and Jonathan Tawil from New York as company officials.
Norris Tolson is the CEO of Carolinas Gateway Partnership. This public-private partnership recruits industrial firms to the region. The new owner has allowed Carolinas Gateway Partnership the opportunity to show the location to any companies interested in the space.
Tolson explained, "But he also said that he may want to use the system himself. He hasn't told us what he plans to do yet." "But right now, we have two clients who are very active."
Tolson said that the facility was in "beautiful condition" after extensive renovations were made to repair the fire damage.
The facility's return to the market is a boon for the warehouse industry of North Carolina's Greater Triangle.
The Triangle's warehouse vacancy rate increased to 5.9% in the first quarter from 3.6% the previous quarter. This is because landlords are not filling vacant spaces as fast as they used to. In 2021, the local warehouse vacancy rates had fallen to as little as 2.2%.
The area in eastern North Carolina could attract thousands of new jobs over the next few years. Around 2,000 acres are available at the Kingsboro megasite