Deal Velocity for Richmond’s Industrial Market Slows for First Time This Cycle

https://rebusinessonline.com/richmonds-industrial-market-development-pipeline-shows-no-signs-of-slowing/

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 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. …

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…

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…

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…

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.…

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…

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…

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…

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…

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…