Richmond’s Industrial Market Development Pipeline Shows No Signs of Slowing
Posted on August 22, 2022
Posted on August 22, 2022
Posted on April 6, 2022
Two years after being built and less than a year after landing an anchor tenant, a warehouse in Chesterfield has changed hands in an eight-figure deal.
The Willis Commerce Center at 1410 Willis Road sold for $52.1 million, with New York-based real estate investment firm BentallGreenOak the buyer.
The seller was Scannell Properties, which built the 405,000-square-foot warehouse on spec. The building is occupied by iFit Health & Fitness, a Utah-based fitness software company that leased the entirety of the space last summer and now uses it as a distribution center. Click here to read entire article.
Posted on January 11, 2022
The White Marsh Shopping Center in Gloucester County has sold for $4.1 million to Nexus Capital LLC. The shopping center has a total of 110,029 square feet, which includes 15,046 square feet of mini storage units and 94,983 square feet of retail space. Porter Realty’s Kevin Cox handled the negotiations on behalf of the buyer. Click here to read the full announcement from Virginia Business.
Posted on January 10, 2022
Leading natural gas pipeline contractor, Southeast Connections, is expanding to Chesterfield County with a new office and equipment yard, making this the company’s 17th permanent location and its second in Virginia. Porter Realty’s Byron Holmes handled the marketing and lease negotiations on the landlord’s behalf for the location at 13201 Ramblewood Drive. The site includes 4,000 square feet of warehouse and shop as well as a large equipment yard. Click here to read the full announcement from Chesterfield Business News.
Posted on December 6, 2021
Virginia Commonwealth University (VCU) has purchased the 5.83-acre industrial site at 1609 Sherwood Avenue in the City of Richmond from Bourne Enterprises LC for $7.25 million. The site contains a 173,580-square-foot existing industrial facility, partially occupied by West End Printing, which will relocate to a new location in eastern Henrico County. Bob Porter handled the marketing and sale negotations on behalf of the seller.
The acqusition is the latest for VCU in the Diamond area surrounding the Richmond baseball stadium as part of the unversity’s planned 40-acre athletic village. Click here to read the full announcement from Richmond Biz Sense.
Posted on November 9, 2021
Porter Realty was asked to contribute to a recent review of the I-85 corridor expansion through multiple states, published by Southeast Real Estate Business. Click here to read the full article (excerpt below). Pictured is a rendering of the Sauer Industrial Center, in development by Becknell Industrial on an 84-acre parecl near the Richmond International Airport in eastern Henrico County.
“Of all the regions in the country, the Southeast has the most high-growth markets, several of which are situated along Interstate 85. The 669-mile interstate begins in Montgomery, Alabama and ends a few miles south of Richmond in Petersburg, Virginia. Along the way, I-85 goes directly through Auburn and Opelika in Alabama; LaGrange, Newnan and Atlanta in Georgia; Greenville and Spartanburg in South Carolina; Charlotte, Greensboro and Durham in North Carolina; and finally the southern outskirts of metro Richmond in Virginia…
Cliff Porter, executive vice president of Porter Realty/CORFAC International, says that Richmond’s industrial market was strong heading into 2020 but really took off amid the COVID-19 pandemic, much like the overall U.S. industrial sector.
‘The industrial market has not slowed down during the pandemic – if anything, it seems like it has accelerated the need and demand for space here,’ says Porter. ‘For the overall Richmond market, the product is in the pipeline to meet that demand, but it’s probably not being built fast enough.’
Similar to Charlotte, Richmond is now willing multi-market economic development deals as companies are attracted to the market’s available land, access to transportation modes and skilled labor. Wegmans Food Markets, an upscale submarket chain based in Rochester, New York, recently selected Hanover County on the north side of Richmond for its new 1 million-square-foot distribution facility.”
Posted on October 19, 2021
Hickory Hill Road Virginia LLC has purchased the 189-acre industrial site on Hickory Hill Road in Hanover County for $4.7 million. The Graymont Industrial Park was sold by Richmond-based Brooks Investment II Company LLC and Brooks Investment III Company LLC. Click here to read the announcement from Virginia Business.
Clifford B. Porter of Porter Realty Co. Inc. handled the marketing and sale negotiations for the seller.
Posted on September 27, 2021
Porter Realty Company was selected to contribute the industrial market review for the August 2020 issue of Southeast Real Estate Business. Click the “press release” link below to view the entire article.
“At the mid-year mark, industrial occupancy in the greater Richmond area remains strong, closing with an overall occupancy rate of 93 percent in the categories we track (Class A, B, select C, vacant and investor-owned product with a minimum of 40,000 square feet total)… Construction is underway on Amazon’s new 650,000-square-foot robotics fulfillment center located in eastern Henrico County on a 119-acre site sold by Richmond Raceway to Dallas-based Hillwood Partners for $7.7 million earlier this year. Becknell Industrial has announced the acquisition of an 83.4-acre parcel proximate to Richmond International Airport in the Sauer Industrial Center in eastern Henrico County with plans to construct two Class facilities totaling more than 725,000 square feet.”
Posted on August 26, 2021
Becknell Industrial has announced the acquisition of an 83.37-acre parcel proximate to the Richmond Industrial Airport in the Sauer Industrial Center in eastern Henrico County (NEQ) with plans to construct two Class A facilities totaling more than 725,000 square feet. Building 1 will total 446,692 square feet of cross-docked space, and Building 2 will be a 279,319-square-foot rear-loaded facility. Both buildings are scheduled for delivery in May, 2022 and will feature modern attributes including ESFR sprinkler systems, LED lighting with motion sensors, and ample dock packages. Click here for additional information.
Clifford B. Porter, CCIM, SIOR of Porter Realty Company, Inc. is the exclusive leasing agent for the new development and represented Becknell on the purchase of the land.
Becknell Industrial specializes in the development and management of industrial properties nationwide, with holdings in 32 states, and offices in Chicago, Illinois and Indianapolis, Indiana. Becknell’s Richmond area holdings include the four-building complex known as the Airport Logistics Center, with the two phases complete and construction on the third building underway with a total of 129,750 square feet, scheduled for delivery in the first quarter of 2022. The fourth building is scheduled for delivery in late 2022 with a total of 187,500 square feet. Including the existing buildings, a total of 805,190 square feet is planned in four buildings on the site. Cliff Porter also represents Becknell in the marketing and leasing of the Airport Logistics Center buildings, and Porter Realty handles the property management.
Becknell also developed three facilities in the nearby Airport Distribution Center. The park’s occupants include WestRock, Bunzl, Forward Air Solutions, and Graybar among others. The park is fully leased, and Porter Realty handles the property management.
Posted on July 28, 2021
INDIANAPOLIS, July 27, 2021 (GLOBE NEWSWIRE)—Becknell Industrial is pleased to announce it has purchased an 83.37-acre parcel at the Sauer Industrial Center in the Airport submarket of Richmond, Virginia. The partnership between Becknell and Ares Management intends to construct two Class A industrial buildings totaling approximately 726,000 square feet. Building 1 will be a 446,692 square-foot cross-docked facility and Building 2 will be a 279,319 square-foot rear-load industrial building. Both buildings, scheduled to be complete in May 2022, will have ample car and on-site trailer parking and will feature modern building attributes such as ESFR sprinkler systems, LED lighting with motion sensors and sufficient dock packages to meet market demand.
Porter Realty’s Cliff Porter represented Becknell on the land acquisition. Click here to read the full release.
Posted on July 7, 2021
News from RichmondBizSense:
Virginia Union University has added to its real estate holdings in Northside, recently purchasing an industrial warehouse across the street from its Hovey Field football stadium.
VUU paid $2.5 million for 1221 Admiral St., a 23,300-square-foot building between Admiral and School streets at their intersections with Currie Street. The transaction closed June 23, city property records show.
The seller was Lovette Partners LLC, which purchased the 72-year-old building for $850,000 in 2013. The latest city assessment valued the 1-acre property at $856,000.
Porter Realty’s Wilson Flohr and Bob Porter Jr. represented Lovette in the deal. Click here to read the full story.
Posted on June 17, 2021
Indian Oak LLC has acquired the 111,235-squafe-foot manufacturing/warehouse facility at 1033 Church Street in Nottoway County from Showbest Fixture Corp for $1,900,000. The fully conditioned building includes 65,000 square feet of manufacturing space and 42,000 square feet of warehouse space on more than 18 acres with expansion potential.
Robert Porter III handled the marketing and sale negotiations on the seller’s behalf.
Posted on June 10, 2021
POR Group VA LLC has acquired the two-building industrial complex at 15801 Happy Hill Road in Chesterfield County from Pre Con Inc. for $2,225,000. The property includes a total of 56,869 square feet on 4.61 acres with multiple dock and drive-in access points, a fenced loading area, and guardhouse on site. Immediate access to Interstate 95 is available at the Woods Edge Road exit.
Dick Porter and Cliff Porter handled the marketing and sale negotiations on the seller’s behalf.
Posted on May 17, 2021
West End Printing has leased 55,957 square feet of office/warehouse space at 4300 Carolina Avenue in Eastern Henrico County. Recently acquired from Richmond Raceway by Lingerfelt Commonwealth Partners, the Carolina Avenue building is currently undergoing extensive renovations.
Bob Porter handled the lease negotiations on behalf of West End Printing.