Spec warehouse in Chesterfield sells for $52M two years after being built

The Willis Commerce Center was built in 2020 on spec. (Mike Platania photos)

Two years after being built and less than a year after landing an anchor tenant, a warehouse in Chesterfield has changed hands in an eight-figure deal.

The Willis Commerce Center at 1410 Willis Road sold last week for $52.1 million, with New York-based real estate investment firm BentallGreenOak the buyer.

The seller was Scannell Properties, which built the 405,000-square-foot warehouse on spec. The building is occupied by iFit Health & Fitness, a Utah-based fitness software company that leased the entirety of the space last summer and now uses it as a distribution center.

The warehouse is on a 58-acre site that was originally part of the 177 acres that Armada Hoffler secured in 2018 for a PepsiCo. bottling facility. The 58 acres were sold to Scannell in 2019, and the warehouse was built next door to the Pepsi plant.

iFit, which makes software for fitness equipment brands like NordicTrack, is the building’s lone tenant.

BGO reps confirmed the deal and said it’s the first industrial property the privately-held firm has acquired in the Richmond area. Formed in 2019 through a merger of Bentall Kennedy and GreenOak Real Estate, BGO has holdings in 13 countries totaling over $74 billion in assets under management.

BGO principal Kevin Yen said in an email that the firm’s “outlook on Virginia and the Richmond region is positive and we are keen to explore future opportunities for investment in the years ahead.”

The deal recorded with Chesterfield County on March 30, and the parcel was most recently assessed at $33.6 million. Included in the deal were an additional 23 undeveloped acres mostly behind the warehouse and the General Electric Power plant to the east.

Willis Commerce Center sold for nearly twice the amount the neighboring Pepsi plant went for in 2019. St. Louis-based ElmTree Funds spent $25.9 million in that deal, county records show.

The Willis Commerce Center was built in 2020 on spec. (Mike Platania photos)

Two years after being built and less than a year after landing an anchor tenant, a warehouse in Chesterfield has changed hands in an eight-figure deal.

The Willis Commerce Center at 1410 Willis Road sold last week for $52.1 million, with New York-based real estate investment firm BentallGreenOak the buyer.

The seller was Scannell Properties, which built the 405,000-square-foot warehouse on spec. The building is occupied by iFit Health & Fitness, a Utah-based fitness software company that leased the entirety of the space last summer and now uses it as a distribution center.

The warehouse is on a 58-acre site that was originally part of the 177 acres that Armada Hoffler secured in 2018 for a PepsiCo. bottling facility. The 58 acres were sold to Scannell in 2019, and the warehouse was built next door to the Pepsi plant.

iFit, which makes software for fitness equipment brands like NordicTrack, is the building’s lone tenant.

BGO reps confirmed the deal and said it’s the first industrial property the privately-held firm has acquired in the Richmond area. Formed in 2019 through a merger of Bentall Kennedy and GreenOak Real Estate, BGO has holdings in 13 countries totaling over $74 billion in assets under management.

BGO principal Kevin Yen said in an email that the firm’s “outlook on Virginia and the Richmond region is positive and we are keen to explore future opportunities for investment in the years ahead.”

The deal recorded with Chesterfield County on March 30, and the parcel was most recently assessed at $33.6 million. Included in the deal were an additional 23 undeveloped acres mostly behind the warehouse and the General Electric Power plant to the east.

Willis Commerce Center sold for nearly twice the amount the neighboring Pepsi plant went for in 2019. St. Louis-based ElmTree Funds spent $25.9 million in that deal, county records show.

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Dr. Abe C. Gomez
Dr. Abe C. Gomez
9 months ago

It’s getting crazy out there.

Most of the land included in the deal is unusable (bad soil and or wetlands)