Benefits Come to the Area From Sale of Lowe's Building, Exchange of Property
For Immediate Release
Contact: Don Adams, County Manager, Alleghany County, (336) 372-4179 or Renee Whitener, Director of Corporate Communications, Blue Ridge Electric Membership Corporation, (828) 758-2383; E-mail: Renee Whitener
Sparta, North Carolina (March 6, 2001) – Alleghany County is buying the former Lowe’s Home Improvement Warehouse in Sparta as part of an innovative property exchange. Overall outcome will benefit the county itself as well Wilkes Community College, Alleghany County Chamber of Commerce, Alleghany Job Link, Alleghany Partnership for Children, Employment Security Commission, and Blue Ridge Electric Membership Corporation.
The 24,120-square-foot building was vacated by Lowe’s in October after they opened a superstore in Galax, Virginia.
Lowe’s has agreed to sell the building to Alleghany County at a price below book value. Once the purchase is final, the county has agreed to transfer the building to Blue Ridge Electric, which provides an expansion solution in Alleghany County for the cooperative and its subsidiary, Blue Ridge Energies.
The transfer agreement includes the exchange to the county of Blue Ridge Electric’s “Cash and Carry” building on Main Street, which the cooperative is currently leasing to the county for use as a satellite campus of Wilkes Community College. The county will continue to provide the Cash and Carry building to Wilkes Community College and expand the facility space by renovating the lower floor for additional satellite campus needs.
“The acquisition of the Cash and Carry building from Blue Ridge Electric represents a substantial benefit to Alleghany County. The county can retain the community college in its current location, double its space with the renovation of the lower floor, and obtain cost savings estimated at one million dollars,” said Don Adams, county manager.
Blue Ridge Electric serves over 60,000 members in northwest North Carolina, and has provided customer service to its Alleghany members from the office on Main Street since 1951. Its subsidiary, Blue Ridge Energies, recently expanded its service area to begin offering limited propane services to Sparta, with customer service provided from the Alleghany district office of Blue Ridge Electric.
In addition to propane, Blue Ridge Energies also provides heating fuels and commercial (wholesale) gasoline to various markets from offices in Lenoir, Morganton, Boone, and West Jefferson. The company also operates showrooms with hearth appliances in Lenoir, Morganton, Boone, and West Jefferson.
Pending final approval by the cooperative’s board of directors, Blue Ridge Electric will finalize the exchange with the county to obtain the Lowe’s building and nine acres of surrounding land. Renovations will begin as soon as possible to re-locate the cooperative’s district office and subsidiary operations to the site.
“We’re extremely pleased that Lowe’s is working with the county to make this a win-win situation for everyone involved,” said Adams. “It was a difficult decision for Lowe’s to close the store, and the closing had an economic impact on the county. However, Lowe’s was willing to work with us and provide the building to the county below its book value, which allows us to obtain the Cash and Carry building through a property exchange. This benefits the county as well as Wilkes Community College and Blue Ridge Electric,” Adams said.
“Blue Ridge Electric has been searching for expansion possibilities in Alleghany County, primarily due to the need to bring the services of our Blue Ridge Energies subsidiary to the county,” said Doug Johnson, chief executive officer of Blue Ridge Electric. “Our board of directors has been aware of the potential to occupy the Lowe’s building and will need to finalize the details, but this appears to be an ideal solution for us. We’re also very pleased that we can help make this a positive move for Wilkes Community College within Alleghany County and create a situation where we all partner together so that everyone receives benefits,” he added.
