Manchester is gaining a sizable new industrial tenant, as a local construction equipment rental company is moving its headquarters from Henrico to the Southside neighborhood.
Rental Works, currently located at 6520 W. Broad St., will transfer its operations to an 184,000-square-foot building at 1500 Commerce Road, which the company plans to redevelop, modernize and lease out excess space to other tenants.
The company aims to occupy some of the space by the first quarter of 2019 and have the leasable space ready in the second quarter.
“It’s exciting that we’re able to move our corporate offices here, but we’re also able to leverage the additional space here and lease out some space to other companies,” said Raymond Parker, a co-owner of Rental Works.
Rental Works closed on the purchase of the 9-acre property this week for $2.1 million. Charles Keck was the seller, according to city records.
Evans Construction will be the general contractor for the redevelopment, with Stuart Evans as the project lead. Debra Nemeth from Baskervill is the architect.
“We will be modernizing and bringing a little bit of excitement to the front,” said Nemeth of the architecture designs to revamp the existing building. “By adding a vestibule with red corporate colors, we can bring some pizzazz to the existing rustic brick exterior.”
The anticipated development costs still are being calculated. Village Bank is helping finance the project.
In addition to housing Rental Works, the site will be able to accommodate up to 146,000 square feet of flex office space, manufacturing and/or warehouse space.
Since Rental Works’ 1986 inception, Parker has bought out the other two original owners. Then in 2013, he brought Billy Hidell on as a partner and the company began to expand.
“Billy comes from a financial services background,” Parker said. “We really had a commitment to grow the business on the contractor side, and that’s much larger equipment, trucks, and (it) necessitated a larger industrial space like this.”
Parker said the company had sought a new place to expand for about two years. It found the Commerce Road site about four months ago with the help of Colliers International brokers David Williams and Eric Williford.