REIT lays groundwork for more East End warehouse space

A Chesapeake REIT is pitching 200,000 square feet of office and industrial space. Image via Henrico County records.

A REIT is pitching 200,000 square feet of office and industrial space. Image via Henrico County records.

A Pennsylvania REIT is thirsty for more industrial space in eastern Henrico.

Liberty Property Trust last week purchased 95 acres at 5800 Technology Blvd., where it plans to build a new warehouse and office building of about 200,000 square feet.

Renderings included in development plans the company filed with Henrico County list Associated Distributors, a large alcoholic beverage distributor, as the planned tenant for the property. Those plans were approved by the county in May.

Liberty’s acquisition of the 95 acres closed Aug. 4 for $1.5 million. The seller was an entity called Elko II LLC, which had owned a share of the property since at least 2007.

Liberty spokeswoman Jeanne Leonard said the company does not yet have a start date for construction. She said Liberty would typically invest roughly $14 million in a project of this size.

She declined to discuss a potential tenant for the building and did not confirm Associated Distributors’ use of the property.

“We believe the new land will provide a great location for a distribution building in a market that continues to attract business,” Leonard said in an email.

A representative with Associated Distributors did not return a request for comment by press time.

Plans indicate that the facility will have 183,000 square feet of warehouse space and a two-story, 30,000-square-foot office building.

The plans also include the possibility of an eventual 90,000-square-foot warehouse expansion.

County approval for the development applied to only 46 acres of the entire parcel, but the plans state that Liberty Property may eventually develop the remaining acreage to the north. The property sits near the county-owned White Oak Technology Park.

Associated Distributors is part of the Charmer-Sunbelt Group, one of the nation’s largest distributors of alcohol, including beer, wine and liquor.

Based in Chesapeake, Associated Distributors has at least one other Richmond location on Carolina Avenue in the Richmond Distribution Center, which is also owned by Liberty Property Trust.

Liberty owns several other properties in the Richmond area, including the Eastport Industrial Park near the Richmond International Airport. It began building the last phase of that park last year.

The company in recent years made a move to exit Richmond’s suburban office market, selling 14 buildings near Innsbrook to Lingerfelt Commonwealth Partners in 2011. And just recently, it sold $110 million worth of office buildings to Lingerfelt in the Hampton Roads area.

A Chesapeake REIT is pitching 200,000 square feet of office and industrial space. Image via Henrico County records.

A REIT is pitching 200,000 square feet of office and industrial space. Image via Henrico County records.

A Pennsylvania REIT is thirsty for more industrial space in eastern Henrico.

Liberty Property Trust last week purchased 95 acres at 5800 Technology Blvd., where it plans to build a new warehouse and office building of about 200,000 square feet.

Renderings included in development plans the company filed with Henrico County list Associated Distributors, a large alcoholic beverage distributor, as the planned tenant for the property. Those plans were approved by the county in May.

Liberty’s acquisition of the 95 acres closed Aug. 4 for $1.5 million. The seller was an entity called Elko II LLC, which had owned a share of the property since at least 2007.

Liberty spokeswoman Jeanne Leonard said the company does not yet have a start date for construction. She said Liberty would typically invest roughly $14 million in a project of this size.

She declined to discuss a potential tenant for the building and did not confirm Associated Distributors’ use of the property.

“We believe the new land will provide a great location for a distribution building in a market that continues to attract business,” Leonard said in an email.

A representative with Associated Distributors did not return a request for comment by press time.

Plans indicate that the facility will have 183,000 square feet of warehouse space and a two-story, 30,000-square-foot office building.

The plans also include the possibility of an eventual 90,000-square-foot warehouse expansion.

County approval for the development applied to only 46 acres of the entire parcel, but the plans state that Liberty Property may eventually develop the remaining acreage to the north. The property sits near the county-owned White Oak Technology Park.

Associated Distributors is part of the Charmer-Sunbelt Group, one of the nation’s largest distributors of alcohol, including beer, wine and liquor.

Based in Chesapeake, Associated Distributors has at least one other Richmond location on Carolina Avenue in the Richmond Distribution Center, which is also owned by Liberty Property Trust.

Liberty owns several other properties in the Richmond area, including the Eastport Industrial Park near the Richmond International Airport. It began building the last phase of that park last year.

The company in recent years made a move to exit Richmond’s suburban office market, selling 14 buildings near Innsbrook to Lingerfelt Commonwealth Partners in 2011. And just recently, it sold $110 million worth of office buildings to Lingerfelt in the Hampton Roads area.

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