Norfolk warehouse sold for $2 million to importer

A locally based designer and importer of floor mats, decorative pillows and other items for major retailers has bought a Norfolk Industrial Park warehouse previously occupied by hardware-and-tool distributor Watters and Martin Inc.

The importer, Medici 888, bought the 101,150-square-foot warehouse at 3800 Village Ave., near Azalea Garden Road, because of its proximity to the port and its loading docks, Greg Twitt, president of the family-owned company, said Tuesday.

"We're interested in growing," and Medici 888 needed a facility larger than the Virginia Beach warehouse it had been leasing, he said. The company plans to use 70,000 square feet of the Norfolk warehouse for its headquarters and distribution operations and rent the remainder, Twitt said.

The company, which maintains a showroom in New York City, has a work force of 15 full-time employees and relies on 15 to 20 temporary employees, he said.

Medici 888 paid $2 million, which was half the initial asking price when the warehouse was put on the market last year, said R.L. "Abe" Ellis, a broker with Thalhimer/Cushman & Wakefield Alliance who worked on behalf of the buyer.

Demand for warehouse space has shown signs of life during the past 60 days, "but it's still nothing like it was three or four years ago," Ellis said. "Demand has been way off and is still sluggish."

Watters and Martin, whose operations dated to the mid-19th century, vacated the warehouse last year after liquidating its inventory.

Tom Shean, (757) 446-2379, tom.shean@pilotonline.com