Matan Cos. is planning to begin the development of its New Kent Logistics Center project with a 1.2-million-square-foot warehouse. The firm secured the 289-acre project site for $15.1 million. (Images courtesy Matan Companies)
A Maryland-based developer’s recent eight-figure land deal has teed up a project that would add up to 2 million square feet of new industrial space in western New Kent County.
Matan Cos. recently spent $15.1 million to buy 289 acres where Interstate 64 meets Emmaus Church Road in the western part of the county.
A 1.2-million-square-foot warehouse is anticipated to be the first and largest of four buildings built at the site. Two smaller buildings would follow, at 500,000 square feet and 200,000 square feet, and there could also be a fourth building of about 80,000 square feet, according to a site plan of the development.
The project’s final form is subject to change, and the development could feature fewer buildings but more parking, depending on how the project gets built out and what tenants get lined up, said Jamie Minkler, Matan’s director of acquisitions.
Matan secured the industrial-zoned site for its strategic location between the Richmond and Hampton Roads metro areas, and its proximity to the Port of Virginia, Minkler said. He said the ongoing efforts to widen the section of I-64 that runs through New Kent also attracted it to the site.
While Matan purchased 289 acres, only 185 of those are deemed developable, Minkler said.
Matan bought the land, which is within the New Kent City Center development, from SPF Investments LLC, an entity tied to local developer Fred Shaia. Shaia’s company owns most of the acreage in the 1,600-acre industrial park, which is largely undeveloped.
The parcel that Matan acquired in June was most recently valued at $12.7 million. The deal was confirmed by Matan and New Kent representatives, and wasn’t yet reflected in online county records Monday.
Gareth Jones, Chris Avellana and Charlie Polk of JLL represented Matan in the land deal and have also been tapped to handle the leasing for the future industrial center, which will be called the New Kent Logistics Center.
Matan Cos. plans to build up to 2 million square feet of industrial warehouse space on a property that wraps around the New Kent AutoZone distribution center property, which wasn’t part of Matan’s recent land deal.
Jones said in an interview earlier this month that a groundbreaking date hadn’t yet been set. He said discussions were underway on which, if any, buildings would be built on spec, and that in all likelihood the largest building would be built first, possibly on spec, and the development would come online in phases.
The largest building would most likely be occupied by a single user, while the smaller buildings would be filled out by multiple tenants in each, Jones said. Matan intends to develop and then hold the property.
Matan has already been active in the Richmond region prior to the New Kent deal. It owns Northlake II, an industrial complex the firm plans to further expand and that’s part of the Northlake Park center in Hanover. Late last year, Matan acquired a portion of Deepwater Industrial Park in Richmond.
Matan’s New Kent project isn’t the only one in the works around the I-64 and Emmaus Church Road interchange. Also underway is AutoZone’s 800,000-square-foot distribution center, which broke ground in summer 2022 and is anticipated to be completed by the end of the year. AutoZone was the first company to break ground at New Kent City Center, and the car-parts retailer’s site is adjacent to the Matan property.
On the other side of I-64, Texas-based convenience store chain Buc-ee’s has a project in the works to build a 75,000-square-foot store and fuel center on a property the company acquired last year.
In the eastern part of the county, locally based used car giant CarMax is planning to open a 78,000-square-foot dealer auction center.
Matan Cos. is planning to begin the development of its New Kent Logistics Center project with a 1.2-million-square-foot warehouse. The firm secured the 289-acre project site for $15.1 million. (Images courtesy Matan Companies)
A Maryland-based developer’s recent eight-figure land deal has teed up a project that would add up to 2 million square feet of new industrial space in western New Kent County.
Matan Cos. recently spent $15.1 million to buy 289 acres where Interstate 64 meets Emmaus Church Road in the western part of the county.
A 1.2-million-square-foot warehouse is anticipated to be the first and largest of four buildings built at the site. Two smaller buildings would follow, at 500,000 square feet and 200,000 square feet, and there could also be a fourth building of about 80,000 square feet, according to a site plan of the development.
The project’s final form is subject to change, and the development could feature fewer buildings but more parking, depending on how the project gets built out and what tenants get lined up, said Jamie Minkler, Matan’s director of acquisitions.
Matan secured the industrial-zoned site for its strategic location between the Richmond and Hampton Roads metro areas, and its proximity to the Port of Virginia, Minkler said. He said the ongoing efforts to widen the section of I-64 that runs through New Kent also attracted it to the site.
While Matan purchased 289 acres, only 185 of those are deemed developable, Minkler said.
Matan bought the land, which is within the New Kent City Center development, from SPF Investments LLC, an entity tied to local developer Fred Shaia. Shaia’s company owns most of the acreage in the 1,600-acre industrial park, which is largely undeveloped.
The parcel that Matan acquired in June was most recently valued at $12.7 million. The deal was confirmed by Matan and New Kent representatives, and wasn’t yet reflected in online county records Monday.
Gareth Jones, Chris Avellana and Charlie Polk of JLL represented Matan in the land deal and have also been tapped to handle the leasing for the future industrial center, which will be called the New Kent Logistics Center.
Matan Cos. plans to build up to 2 million square feet of industrial warehouse space on a property that wraps around the New Kent AutoZone distribution center property, which wasn’t part of Matan’s recent land deal.
Jones said in an interview earlier this month that a groundbreaking date hadn’t yet been set. He said discussions were underway on which, if any, buildings would be built on spec, and that in all likelihood the largest building would be built first, possibly on spec, and the development would come online in phases.
The largest building would most likely be occupied by a single user, while the smaller buildings would be filled out by multiple tenants in each, Jones said. Matan intends to develop and then hold the property.
Matan has already been active in the Richmond region prior to the New Kent deal. It owns Northlake II, an industrial complex the firm plans to further expand and that’s part of the Northlake Park center in Hanover. Late last year, Matan acquired a portion of Deepwater Industrial Park in Richmond.
Matan’s New Kent project isn’t the only one in the works around the I-64 and Emmaus Church Road interchange. Also underway is AutoZone’s 800,000-square-foot distribution center, which broke ground in summer 2022 and is anticipated to be completed by the end of the year. AutoZone was the first company to break ground at New Kent City Center, and the car-parts retailer’s site is adjacent to the Matan property.
On the other side of I-64, Texas-based convenience store chain Buc-ee’s has a project in the works to build a 75,000-square-foot store and fuel center on a property the company acquired last year.
In the eastern part of the county, locally based used car giant CarMax is planning to open a 78,000-square-foot dealer auction center.
They are still calling it New Kent City Center?