Henry County enters public-private partnership to construct shell building

Henry County enters public-private partnership to construct shell building

COLLINSVILLE, Va. (Dec. 19, 2023) ‒ The Henry County Board of Supervisors and the Henry County Industrial Development Authority (IDA) have approved an agreement with the Marlboro Development Team (MDT) to construct a 105,000-square-foot shell building on Lot 2 of the Patriot Centre Industrial Park.

This marks the first time that the county has entered into an agreement with a private developer for the purpose of constructing and marketing an industrial site.

“Our team is always looking for innovative ways to position Henry County as a leader in the advanced manufacturing sector,” said Jim Adams, Chairman of the Henry County Board of Supervisors. “We are confident that this new shell building will be a valuable asset to our community, and we are grateful for the partnership with MDT.”

The last time a shell building was constructed in Henry County was 2014. Construction of that facility cost approximately $3.2 million.

“The cost of construction has increased significantly since 2014,” said James McClain, Board Chair of the Martinsville-Henry County Economic Development Corporation (EDC). “However, shell buildings remain an essential part of our economic development strategy. They provide turnkey options for businesses, allowing them to cut costs, save valuable time, and streamline their production process. This partnership with MDT will allow us to once again offer that option to prospective businesses.”

Lot 2 of the Patriot Centre is a 32-acre site with a 25.8-acre graded pad. The site can support future expansion of the shell building to over 400,000 square feet.

“This is a win-win for our community,” said County Administrator Dale Wagoner. “We will be able to leverage MDT’s expertise in marketing speculative buildings and construction administration, while MDT will be able to expand their footprint into Virginia.”

MDT, a subsidiary of MPD Electric Cooperative, is a South Carolina-based real estate developer focused on single tenant build-to-suits, value-add acquisitions, and strategic investments throughout the United States.

“Given our extensive and highly successful deployment of our speculative building program in other states, we are excited to extend this initiative into the Commonwealth of Virginia,” said William Fleming, President and CEO of Marlboro Development Team, Inc. “Martinsville, Henry County, Virginia, has proven to embody the precise characteristics of a community we seek to establish relationships with, fostering the pursuit of advanced manufacturing through the development of market ready buildings.”

The construction of the new shell building is expected to begin in 2024 and be completed in 2025. For more information on MDT, please visit www.marlborodevelopmentteam.com.