By Talyor Boyd
The Industrial Development Authority (IDA) approved the sale of the Patriot Centre II property, or the Bryant property, to Appalachian Power Company during a joint meeting with the Henry County Board of Supervisors on Thursday, May 21.
The supervisors also approved supporting the sale of the Patriot Centre.
In 2025, County Administrator Dale Wagoner said the IDA entered into a purchasing option agreement with a then-unannounced company publicly referred to as ‘Project Pathfinder.’
“The initial agreement was for six months, with an option to extend for an additional six months. This option allowed the company to evaluate the site through environmental studies, feasibility assessments, and planning activities prior to committing to a full purchase. The company has now exercised its option to purchase,” he said.
Wagoner said the property’s deed will be transferred to Franklin Real Estate Co., a Pennsylvania corporation, that has its mailing address in Columbus, Ohio.
“Franklin Real Estate Co. is the landholdings company for a utility that you probably are all very familiar with called Appalachian Power. The company will use it for future economic development purposes,” Wagoner said.
The company has no specific development plans to announce at this time.
The 1,201.95-acre property was sold for $1.2 million, with part of the land in a conservation easement.
IDA Chairman Len Dillon said he’s excited about the sale of the Bryant property.
“It lays the groundwork for a lot of future development and prosperity for the community,” Dillon said.
Board of Supervisors Chairman Jim Adams, of the Blackberry District, said Appalachian Power is a well-established company and valued partner in the community.
“We appreciate their continued investment in Henry County and their role in supporting the infrastructure necessary for future economic opportunity,” he said.
Adams said the county purchased the Bryant property around the same time it purchased the property for Commonwealth Crossing.
“The development of Commonwealth Crossing has been long in going through the permitting process and the grading process, but it was much easier to manage because” of its location.
“In looking at the development of the Bryant property, it would have to be done with a lot of grants and a significant timetable for the locality. Whereas when a corporation comes in, they just do it.
“They’ll have to wait on permitting, they’ll have to pass all the regulatory requirements, all the different agencies that have a hand in it. But they already invested time and money because they had options on the property going back for over a year. They’ve done sampling of soil, they’ve done a lot of due diligence. That tells me this is not a project by accident. This was a project with a determination to see an end to it. From the type of services that they provide to the general region, it’s a big win,” Adams said.
Adams said Appalachian Power’s purchase of the property also puts it back on Henry County’s tax rolls immediately.
Appalachian Power President and COO Brian Abraham said the company is always looking for ways to strengthen its long-term operations and better serve its customers.
“This purchase represents a direct strategic investment in our future, and we’re proud to play a role in supporting growth across the region,” Abraham said.
The Martinsville-Henry County Economic Development Corp. played a key role in supporting the transaction.
