The developer that turned a swath of Philip Morris-owned land on the city’s Southside into nearly 1 million square feet of prime warehouse space has unloaded the property in an eight-figure deal.
Panattoni Development Co. last week sold the Virginia I-95 Distribution center at 4701 and 4949 Commerce Road for $78.5 million. The buyer was Logistics Park 95 LLC, an entity tied to The Halle Cos. in Maryland.
Neither firm responded to requests for comment by press time.
California-based Panattoni built the two-building, roughly 910,000-square-foot industrial center in the last two years and promptly leased it to office electronics company Brother International Corp. and Amazon. The two tenants each occupy one building in the complex.
Philip Morris formerly owned the 62-acre site. Panattoni bought the land for $4 million in 2017.
Brother, which makes office hardware and electronics such as printers and fax machines, signed on for the first phase in January 2019. A few months later, Amazon agreed to open a distribution center in the second phase.
The parcels most recently were assessed by the city for a combined $70 million.
Founded in 1972, The Halle Cos. is a development and construction firm that owns both commercial and residential developments throughout the Mid-Atlantic and Southeast.
The property looks to be Halle’s first in the Richmond market, according to its website. It also owns five office towers in Kingstowne just south of Alexandria in Northern Virginia.
It’s been an eventful start to 2020 for real estate on Commerce Road. Last week, the Pamunkey Indian Tribe announced plans for a $350 million casino at 1401 Commerce Road, about three miles north of the Panattoni development.