The former corporate headquarters building located on 7.87 acres was purchased by WBS Investments, LLC, owned by local entrepreneur, Willie Bob Smith, for $1,550,000.
Mr. Smith, a successful businessman and lifelong South Hill resident, originally contacted S.L. Nusbaum Realty Co. after seeing a for sale sign placed on the property in the spring of 2014.
“We had several interested parties in the former headquarters of Peebles Department Stores, now Stage Stores of Houston, TX with over 800 locations nationwide, but Mr. Smith was the most logical buyer being a local entrepreneur. We look forward to working with Mr. Smith on the long term plans for the building and surrounding acreage,” said Nathan Shor.
Mr. Smith’s plan is to retain the property “as is” for now. He has numerous property interests throughout the area wishes to have this latest addition to his portfolio be utilized in a manner that not only benefits the local community, but provides the highest and best use for the property.
With over 115 years of expertise in the real estate industry, S.L. Nusbaum Realty Co. manages, develops and provides sales and leasing services for shopping centers, apartment communities, office, industrial and investment properties throughout the Mid-Atlantic and Southeast.