A rendering of the 505,000-square-foot warehouse that Axial Industrial plans for the site. (Images courtesy Crescent Communities)
As it seeks zoning approval for two warehouses in Goochland, a recent arrival to the region’s industrial market is setting the stage for a larger project in Chesterfield that likewise is planned to be built on spec.
Axial Industrial, a division of North Carolina-based Crescent Communities, is planning a 500,000-square-foot warehouse at 16401 Walthall Industrial Parkway, a 66-acre site beside Interstate 95 just north of Colonial Heights.
An LLC tied to Crescent purchased the undeveloped land for $5.5 million in a deal that closed April 7. Chesterfield had assessed the site at $537,600.
The seller was The Arundel Corp., a subsidiary of Alabama-based Vulcan Materials Co. The mining company and construction materials supplier had owned the site since 1978, when it bought it for $243,700, property records show.
The building would line the west side of I-95.
Zoned for industrial use, the site was brought to Crescent’s attention by JLL agents Muscoe Garnett and Adam Lawson. They’re also handling leasing for the building, which is being designed to accommodate either a single tenant or up to four tenants.
Bryan Blythe, Crescent’s industrial managing director, said a development plan has been submitted to the county and it’s aiming to start construction June 1, with completion in anticipated in 12 months.
The project is one of three that Crescent and Axial are involved with in the region. In Goochland, Axial is pursuing a rezoning for two spec buildings totaling 350,000 square feet on Ashland Road near the Project Rocky site. And in Richmond, Crescent and Thalhimer Realty Partners are developing the Novel Scott’s Addition apartment building across Arthur Ashe Boulevard from The Diamond.
Blythe said demand for industrial space around Richmond made it an opportune time to enter the market. Crescent, based in Charlotte, North Carolina, is in its 60th year in business and launched the Axial brand three years ago. Axial has 2 million square feet of industrial space under construction across the country, including three warehouses it’s building in Concord, North Carolina.
“The greater Richmond industrial market has been growing significantly over the past five to 10 years, and we saw an opportunity for (Axial) to grow into a new market where historically we had not done any industrial development projects,” Blythe said.
Bryan Blythe
“The industrial tenant demand for the greater Richmond area has been tremendous over the past few years, and the market is still somewhat underserved with product focused on manufacturing and logistics uses, which is why the vacancy rates are so low,” he said. “We believe there is a need to deliver speculative product so that when a tenant needs the space, we could accommodate that demand immediately.”
Blythe said the site was attractive to the company for its proximity to downtown and the Port of Virginia’s Richmond Marine Terminal, as well as access to I-95. The site is adjacent to a FedEx service center and a warehouse used by CJ Logistics America, formerly DSC Logistics.
Called Axial Gateway 95, the 505,000-square-foot, rear-loading warehouse is planned to be the company’s first LEED-certified industrial building. Plans show the facility would include 115 trailer spaces on the building’s interstate side, while 430 spaces for employee parking would be on the opposite side. An extension of Walthall Industrial Parkway would provide access to the site.
The building would include 3,800 square feet of office space, insulated dock doors, motorized drive-in doors and mechanical pit levelers. The company described the facility as ideal for local and regional distribution, light manufacturing or assembly tenants.
DMA Architecture, out of Winston-Salem, North Carolina, is designing the building.
Winston-Salem-based DMA Architecture is the project architect, KBD Group out of Atlanta is the general contractor and Richmond-based Timmons Group is the civil engineer.
Kyuden Urban Development America LLC is an equity partner on the project, and Santander Bank is the lender. Blythe would not disclose a cost estimate for the project.
The site is a mile south of Carvana’s distribution center along the other side of I-95. The used-car retailer opened the $25 million, 191,000-square-foot facility last year.
A rendering of the 505,000-square-foot warehouse that Axial Industrial plans for the site. (Images courtesy Crescent Communities)
As it seeks zoning approval for two warehouses in Goochland, a recent arrival to the region’s industrial market is setting the stage for a larger project in Chesterfield that likewise is planned to be built on spec.
Axial Industrial, a division of North Carolina-based Crescent Communities, is planning a 500,000-square-foot warehouse at 16401 Walthall Industrial Parkway, a 66-acre site beside Interstate 95 just north of Colonial Heights.
An LLC tied to Crescent purchased the undeveloped land for $5.5 million in a deal that closed April 7. Chesterfield had assessed the site at $537,600.
The seller was The Arundel Corp., a subsidiary of Alabama-based Vulcan Materials Co. The mining company and construction materials supplier had owned the site since 1978, when it bought it for $243,700, property records show.
The building would line the west side of I-95.
Zoned for industrial use, the site was brought to Crescent’s attention by JLL agents Muscoe Garnett and Adam Lawson. They’re also handling leasing for the building, which is being designed to accommodate either a single tenant or up to four tenants.
Bryan Blythe, Crescent’s industrial managing director, said a development plan has been submitted to the county and it’s aiming to start construction June 1, with completion in anticipated in 12 months.
The project is one of three that Crescent and Axial are involved with in the region. In Goochland, Axial is pursuing a rezoning for two spec buildings totaling 350,000 square feet on Ashland Road near the Project Rocky site. And in Richmond, Crescent and Thalhimer Realty Partners are developing the Novel Scott’s Addition apartment building across Arthur Ashe Boulevard from The Diamond.
Blythe said demand for industrial space around Richmond made it an opportune time to enter the market. Crescent, based in Charlotte, North Carolina, is in its 60th year in business and launched the Axial brand three years ago. Axial has 2 million square feet of industrial space under construction across the country, including three warehouses it’s building in Concord, North Carolina.
“The greater Richmond industrial market has been growing significantly over the past five to 10 years, and we saw an opportunity for (Axial) to grow into a new market where historically we had not done any industrial development projects,” Blythe said.
Bryan Blythe
“The industrial tenant demand for the greater Richmond area has been tremendous over the past few years, and the market is still somewhat underserved with product focused on manufacturing and logistics uses, which is why the vacancy rates are so low,” he said. “We believe there is a need to deliver speculative product so that when a tenant needs the space, we could accommodate that demand immediately.”
Blythe said the site was attractive to the company for its proximity to downtown and the Port of Virginia’s Richmond Marine Terminal, as well as access to I-95. The site is adjacent to a FedEx service center and a warehouse used by CJ Logistics America, formerly DSC Logistics.
Called Axial Gateway 95, the 505,000-square-foot, rear-loading warehouse is planned to be the company’s first LEED-certified industrial building. Plans show the facility would include 115 trailer spaces on the building’s interstate side, while 430 spaces for employee parking would be on the opposite side. An extension of Walthall Industrial Parkway would provide access to the site.
The building would include 3,800 square feet of office space, insulated dock doors, motorized drive-in doors and mechanical pit levelers. The company described the facility as ideal for local and regional distribution, light manufacturing or assembly tenants.
DMA Architecture, out of Winston-Salem, North Carolina, is designing the building.
Winston-Salem-based DMA Architecture is the project architect, KBD Group out of Atlanta is the general contractor and Richmond-based Timmons Group is the civil engineer.
Kyuden Urban Development America LLC is an equity partner on the project, and Santander Bank is the lender. Blythe would not disclose a cost estimate for the project.
The site is a mile south of Carvana’s distribution center along the other side of I-95. The used-car retailer opened the $25 million, 191,000-square-foot facility last year.
More jobs for the Tri Cities metro. Nice!