With four walls and half a roof in place, a rising East End warehouse’s potential tenants are starting to get a glimpse of the finished project.
The 130,000-square-foot Eastport VIII building is about a month away from completion. Crews are working on adding the building’s roof at a pace of about 7,000 square feet per day after tilting the warehouse’s concrete walls into place a few weeks ago.
Eastport VIII is the Richmond area’s first speculative industrial building in more than five years and the last piece of developer Liberty Property Trust’s 98-acre Eastport Industrial Park at Charles City Road and South Laburnum Avenue, just west of Richmond International Airport.
Brian Felton, senior leasing representative at Liberty, said the company has a pending lease for about 26,000 square feet at Eastport VIII with potential tenants interested in blocks as large as 104,000 square feet.
Felton said Eastport VIII has drawn a total of about 1 million square feet worth of potential suitors for the warehouse. Asking rate on the building is $5.25 per square foot, and Felton said 26,000 square feet is the smallest chunk Liberty will lease out to one tenant.
Liberty broke ground on Eastport VIII in June. The $8 million warehouse has 10 bays of 13,000 square feet and 28-foot ceilings at its shallowest point. Arco Design/Build is the general contractor, McKinney & Co. is the project’s engineer and Triad Architects handled the design work.
Liberty Property Trust, a Pennsylvania-based REIT, also owns the Richmond Distribution Center on Carolina Avenue near Richmond International Raceway. After Eastport VIII is finished, Liberty will be out of buildable land in the Richmond area.
Felton said if Eastport VIII fills up quickly, Liberty will likely start looking for more land around Richmond to build a third area industrial park.