Lowe’s Richmond. Picture courtesy of JLL Capital Markets
Realty Revenue Corp. has acquired Lowe’s Richmond, a 1.2 million-square-foot logistics facility in Richmond, Va. In response to the Metropolis of Richmond County data, the corporate paid $127.7 million for the asset.
A partnership comprising developer Hourigan Group, alongside CRG, DSC Companions and Iron Level Companions bought the not too long ago accomplished property.
In response to the Richmond BizSense, that is the second-largest actual property transaction within the metropolis’s metro space this yr.
The property is the biggest infill bulk facility in Richmond and is absolutely leased to Lowe’s Dwelling Facilities for its Southeast distribution. The corporate preleased the constructing since its development part for a 10-year time period, the identical county data present.
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The property is positioned at 2703 Commerce Street, 10 miles from downtown Richmond and is located subsequent to Interstate 95. Richmond Marine Terminal is barely 2.2 miles away, with Richmond Worldwide Airport 12.3 miles northeast of the economic park. Different firms within the surrounding space embody Amazon, Phillip Morris, Brother Worldwide, Motley Logistics Methods and Dupont.
The JLL Capital Markets staff representing the vendor included Managing Director Patrick Nally, Senior Managing Administrators Britton Burdette and Invoice Prutting, Director Craig Childs and Affiliate Josh McArdle.
Deepwater Industrial Park improvement
Lowe’s Richmond is a part of Deepwater Industrial Park. DSC Companions and Hourigan broke floor on the primary part of the challenge in Could 2021. CommercialEdge knowledge exhibits the property was topic to a $66.8 million mortgage in 2021, originated by Residents Monetary Group. In response to the identical knowledge supplier, the land for the event was bought in 2017 for $8.5 million.
Two different buildings are within the improvement part in the identical industrial park, which is able to add 321,724 sq. ft, bringing the full to roughly 1.5 million sq. ft of commercial house.
In September, Realty Revenue, in a three way partnership with Ocean West Capital Companions and Tiger Different Traders bought a seven-property portfolio for $905 million. The services had been positioned all through the Solar Belt and Northeast, comprising greater than 7 million sq. ft.
Richmond’s industrial exercise
CommercialEdge knowledge exhibits that 70 industrial properties bought within the Richmond market because the starting of the yr, a complete of roughly 6.7 million sq. ft of house. Eleven of those belongings had been Class A services, concentrated largely round Richmond Worldwide Airport.
Richmond’s development pipeline of commercial properties can also be robust, with 47 initiatives in numerous phases of improvement, in response to the identical knowledge supplier.
