Sapporo USA, the parent company of Stone Brewing Co., moved into the warehouse in 2023. (Mike Platania photo)
Eastern Henrico’s industrial sales market is staying hot heading into the spring.
LaSalle Investment Management, a division of Chicago-based commercial real estate giant JLL, recently purchased the 279,000-square-foot warehouse at 943 S. Airport Drive for $40.7 million, according to county records.
The property is primarily occupied by Sapporo-Stone Brewing, the entity created in 2022 when the Japanese beer conglomerate acquired Stone Brewing Co. for $168 million.
The warehouse is part of the Sauer Industrial Center, a phased development in eastern Henrico that locally based Sauer Properties has been working on with Becknell Industrial, a major industrial developer out of Indiana.
Becknell was the seller in the March 6 deal.
Requests for comment sent to LaSalle, which keeps a local office in Scott’s Addition, were not returned. JLL also did not respond.
The property was most recently assessed by the county at $21.5 million.
Sapporo-Stone occupied about 149,000 of the building’s 279,000 square feet. Plans recently filed with the county show that the remaining square footage will be occupied by global electrical engineering firm ABB Inc.
A spokesperson for Sapporo-Stone said the sale is not expected to impact its operations.
Spanning 450 acres, Sauer Industrial Center has been in the works for over four years. Other users to sign on at the park include Mondelēz International, the manufacturer of cookies and crackers including Oreo cookies, Nilla wafers and Wheat Thins.
The sale of the Sapporo-Stone building is the latest in a trend of industrial real estate deals to close in recent months in eastern Henrico. Late last year, the Airport Logistics Center sold for $67 million, as did the Airport Distribution Center for $91 million.
Sapporo USA, the parent company of Stone Brewing Co., moved into the warehouse in 2023. (Mike Platania photo)
Eastern Henrico’s industrial sales market is staying hot heading into the spring.
LaSalle Investment Management, a division of Chicago-based commercial real estate giant JLL, recently purchased the 279,000-square-foot warehouse at 943 S. Airport Drive for $40.7 million, according to county records.
The property is primarily occupied by Sapporo-Stone Brewing, the entity created in 2022 when the Japanese beer conglomerate acquired Stone Brewing Co. for $168 million.
The warehouse is part of the Sauer Industrial Center, a phased development in eastern Henrico that locally based Sauer Properties has been working on with Becknell Industrial, a major industrial developer out of Indiana.
Becknell was the seller in the March 6 deal.
Requests for comment sent to LaSalle, which keeps a local office in Scott’s Addition, were not returned. JLL also did not respond.
The property was most recently assessed by the county at $21.5 million.
Sapporo-Stone occupied about 149,000 of the building’s 279,000 square feet. Plans recently filed with the county show that the remaining square footage will be occupied by global electrical engineering firm ABB Inc.
A spokesperson for Sapporo-Stone said the sale is not expected to impact its operations.
Spanning 450 acres, Sauer Industrial Center has been in the works for over four years. Other users to sign on at the park include Mondelēz International, the manufacturer of cookies and crackers including Oreo cookies, Nilla wafers and Wheat Thins.
The sale of the Sapporo-Stone building is the latest in a trend of industrial real estate deals to close in recent months in eastern Henrico. Late last year, the Airport Logistics Center sold for $67 million, as did the Airport Distribution Center for $91 million.
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These monolithic distribution centers in eastern Henrico aren’t necessarily “flag wave worthy” like Green City or the redevelopment of the regional shopping malls but they are crucial to the County’s tax base. I suppose most of the BizSense readers, like myself, rarely venture deep into the recesses of that part of Richmond. The I-64 corridor is alive with construction activity and commerce.