The flex industrial portfolio traded hands just before the new year. (Courtesy Thalhimer Realty Partners)
A busy local developer celebrated the holidays by buying itself a sizable chunk of the Westwood area.
Thalhimer Realty Partners last month purchased the Dabney Center flex industrial complex for $75.3 million.
The 14-building property spans 55 acres northwest of the Topgolf off Westwood Avenue and totals around 642,000 square feet in buildings developed in the 1980s and ’90s. It’s fully leased to tenants such as Land of Cabinets, Richmond Cremation and Fireside Hearth & Home.
TRP, whose projects include the Diamond District and other apartment developments, has pursued flex industrial properties in the past, but the Dabney Center is one of the larger deals it’s closed in recent years.
TRP Principal Matt Raggi said the developer was drawn by the Dabney Center’s location and size, and noted that many of the park’s tenants have been there for about 15 years.
“Our primary focus will be to continue to provide a setting where they can grow their businesses and attract employees for many more years,” Raggi said.
Dabney Center sits in the Westwood area of Henrico County that’s been drawing developer interest. Local firm Spy Rock Real Estate Group recently completed The Alder, a 245-unit complex to the south on Dabney Road, and other players have more plans in the works nearby.
Raggi acknowledged the momentum of the Westwood area.
“We do intend to own the portfolio for a long time, and given that the portfolio’s 55 acres is in the path of growth, we’ll evaluate development options that may arise down the road,” he said.
TRP closed the Dabney deal Dec. 23 with financing from Atlantic Union Bank. The properties span over a dozen individual parcels: 2221-2277 Dabney Road, 2112-2245 Tomlynn St. and 2511-2523 Brittons Hill Road.
The $75.3 million price tag was the sixth-largest real estate sale in the region in 2024.
In 2021 TRP bought a flex industrial complex on Myers Street near Scott’s Addition. Raggi said the company is working through the design process of a “large project” for that 2-acre site.