The distribution center in Meadowville Technology Park was recently built and expanded. (BizSense file photo)
After recently capping off an expansion project, a Chesterfield soda plant is in new hands.
The Coca-Cola Consolidated-anchored warehouse at 1400 Digital Drive in Meadowville Technology Park sold last month for $37.5 million.
Bailard, a San Francisco-based investment firm, is the new owner of the 350,000-square-foot facility, which was built last year.
The entirety of the warehouse is occupied by Coca-Cola Consolidated, an independent bottler and distributor of Coca-Cola Co. products. The company also operates a 300,000-square-foot facility in Sandston.
The sale closed March 23, county records show. South Carolina firm Red Rock Developments and Connecticut-based Westport Capital Partners, the building’s original developers, were the sellers.
Thalhimer’s Eric Robison, Bo McKown, Jonathan Carpenter and Graham Savage worked the deal. Chesterfield County most recently assessed the property at $38.1 million.
It marks the second Richmond-area deal in a year for Bailard, which made its entrance into the market in early 2022 with the $24 million acquisition of the Publix-anchored Charter Colony Shopping Center, also in Chesterfield.
Alex Spotswood, Bailard’s vice president of real estate, said the firm invests in all types of commercial real estate, but focuses on multifamily and industrial properties in strong secondary markets like Raleigh, Savannah and Richmond.
“We believe we can find better risk adjusted returns in smaller, growing markets compared to larger gateway cities which often draw in more institutional capital,” Spotswood said in an email. “A diverse economic base and excellent logistics location at the intersection of I-95 and I-64, make this an ideal industrial investment.”
Spotswood said Bailard doesn’t have any additional Richmond-area deals in the pipeline but that the region remains high on its list for future acquisitions.
The distribution center in Meadowville Technology Park was recently built and expanded. (BizSense file photo)
After recently capping off an expansion project, a Chesterfield soda plant is in new hands.
The Coca-Cola Consolidated-anchored warehouse at 1400 Digital Drive in Meadowville Technology Park sold last month for $37.5 million.
Bailard, a San Francisco-based investment firm, is the new owner of the 350,000-square-foot facility, which was built last year.
The entirety of the warehouse is occupied by Coca-Cola Consolidated, an independent bottler and distributor of Coca-Cola Co. products. The company also operates a 300,000-square-foot facility in Sandston.
The sale closed March 23, county records show. South Carolina firm Red Rock Developments and Connecticut-based Westport Capital Partners, the building’s original developers, were the sellers.
Thalhimer’s Eric Robison, Bo McKown, Jonathan Carpenter and Graham Savage worked the deal. Chesterfield County most recently assessed the property at $38.1 million.
It marks the second Richmond-area deal in a year for Bailard, which made its entrance into the market in early 2022 with the $24 million acquisition of the Publix-anchored Charter Colony Shopping Center, also in Chesterfield.
Alex Spotswood, Bailard’s vice president of real estate, said the firm invests in all types of commercial real estate, but focuses on multifamily and industrial properties in strong secondary markets like Raleigh, Savannah and Richmond.
“We believe we can find better risk adjusted returns in smaller, growing markets compared to larger gateway cities which often draw in more institutional capital,” Spotswood said in an email. “A diverse economic base and excellent logistics location at the intersection of I-95 and I-64, make this an ideal industrial investment.”
Spotswood said Bailard doesn’t have any additional Richmond-area deals in the pipeline but that the region remains high on its list for future acquisitions.