FACTORY BUILDING SOLD—D.W. Miles recently purchased this factory building, which most recently housed Charleston Forge's Sparta manufacturing operations.
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Charleston Forge sells facility after closing earlier this year
Miles purchases former Melville shoe factory building
By LAURA THORNBURG
Staff
With his latest deal to purchase the Charleston Forge building, businessman D.W. Miles has no plans of retiring any time soon.
The building formerly housed the shoe manufacturing operations of Melville Manufacturing and later was owned by Alleghany County and leased by Carolina Narrow Fabrics.
“I think it was a good investment,” Miles said of his latest career move. “At this point, we (Trojan Village Shopping Center) are almost full and looking for space to expand. It will provide some opportunities for multiple use purposes from manufacturing, retail, office space, current projects in planning stages, to whatever is needed at a fraction of the cost to the tenant for brand new construction.”
In reference to the current state of the economy, Miles remarked, “This may not be the right time to purchase property for investment purposes, but this opportunity might not come around again.”
The Charleston Forge building, located at the corner of Blue Ridge Street and Memorial Park Drive, had reduced employment at the plant considerably prior to finally closing its doors, leaving the facility vacant since Oct. 3.
Miles explained recently that he is purchasing the Charleston Forge property—an 80,000 square foot building—and several acres of surrounding property. “When an opportunity comes along, I'd have land available….There's eight-and-a-half acres of land with it, so we've got plenty of room to do some outparcels if something was needed for a freestanding facility; again, for anything that would look like it would be legitimate and complement our county, we'd be able to do it.”
He continued, “The building is in excellent condition. It's all brick; the grounds need some maintenance. I'm going to put a new façade on the building that will blend with Trojan Village. The visibility from Highway 21 is excellent. With a new façade and new landscaping, it can look new.”
Miles stated he will continue to make payments on the property until it becomes income-producing. He purchased the Sparta-based property from Art and Susan Barber, following negotiations between Stump Corporation and Miles' daughter, Susan Miles S. Reinhardt with Miles Realty, who serves as the broker-in-charge at the business. As a matter of public record, the purchase price was $625,000.
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