Another industrial park in eastern Henrico has sold in an eight-figure deal.
Last month Ares Management Corp. bought 619,000 square feet worth of warehouse space at 2704, 2708 and 2712 Seven Hills Blvd. for a combined $66.9 million, county records show.
The three-building assemblage makes up the Airport Logistics Center, a phased center Becknell Industrial began developing in 2019.
The buildings are leased to Irish electronics manufacturer Anord Mardix, local packaging firm Dominion Packaging, and German grocer Lidl.
Headquartered in Los Angeles, Ares Management is a publicly traded firm that invests in real estate, credit, private equity and more. Per its website, it has around $464 billion in assets under management. Ares, through a spokesperson, declined to comment on the Airport Logistics Center deal.
Becknell, which didn’t respond to requests for comment by press time, was the seller.
The sale closed Dec. 27. The three properties were most recently assessed at a combined $45.5 million.
Not included in the deal was a 21-acre undeveloped site north of the three buildings at 2716-2724 Seven Hills Blvd., where Becknell had been planning a fourth, 187,000-square-foot warehouse as part of the center. It’s unclear whether that final phase is still in the works.
Becknell is a big player in the local industrial scene. It helped develop the nearby Sauer Industrial Center and built a spec warehouse in Hanover that was later leased to apparel firm SanMar.
Becknell also was the original developer of the nearby, similarly named Airport Distribution Center, which sold late last year for nearly $100 million.
Those year-end sales are emblematic of Henrico’s strong industrial market, which also saw the former LL Flooring distribution center in Sandston sell for $104 million and the 14-building Dabney Center go for over $75 million last year.
That all amounts to roughly $336 million in industrial and warehouse deals in that part of the county in the last few months.
Another industrial park in eastern Henrico has sold in an eight-figure deal.
Last month Ares Management Corp. bought 619,000 square feet worth of warehouse space at 2704, 2708 and 2712 Seven Hills Blvd. for a combined $66.9 million, county records show.
The three-building assemblage makes up the Airport Logistics Center, a phased center Becknell Industrial began developing in 2019.
The buildings are leased to Irish electronics manufacturer Anord Mardix, local packaging firm Dominion Packaging, and German grocer Lidl.
Headquartered in Los Angeles, Ares Management is a publicly traded firm that invests in real estate, credit, private equity and more. Per its website, it has around $464 billion in assets under management. Ares, through a spokesperson, declined to comment on the Airport Logistics Center deal.
Becknell, which didn’t respond to requests for comment by press time, was the seller.
The sale closed Dec. 27. The three properties were most recently assessed at a combined $45.5 million.
Not included in the deal was a 21-acre undeveloped site north of the three buildings at 2716-2724 Seven Hills Blvd., where Becknell had been planning a fourth, 187,000-square-foot warehouse as part of the center. It’s unclear whether that final phase is still in the works.
Becknell is a big player in the local industrial scene. It helped develop the nearby Sauer Industrial Center and built a spec warehouse in Hanover that was later leased to apparel firm SanMar.
Becknell also was the original developer of the nearby, similarly named Airport Distribution Center, which sold late last year for nearly $100 million.
Those year-end sales are emblematic of Henrico’s strong industrial market, which also saw the former LL Flooring distribution center in Sandston sell for $104 million and the 14-building Dabney Center go for over $75 million last year.
That all amounts to roughly $336 million in industrial and warehouse deals in that part of the county in the last few months.