7 Hills Distribution Center is planned to consist of four buildings totaling over 820,000 square feet of space. (Images courtesy Lingerfelt)
For its latest industrial development in Henrico, local real estate investment firm Lingerfelt is partnering with a New England peer on a multibuilding warehouse complex next to Richmond International Airport.
Lingerfelt announced Thursday it has entered into a joint venture with Boston-based Davis Cos. to acquire and develop a roughly 95-acre site at Charles City and Monahan roads, where they’ll break ground in late summer on the first of four buildings that will make up 7 Hills Distribution Center.
The buildings are planned to total over 820,000 square feet of warehouse and distribution space, on land already zoned for industrial use.
The first building, which will be built on spec, will total about 268,000 square feet and is targeted for delivery in the fall of 2026. Construction on the other buildings would follow, with build-to-suit or pre-lease arrangements based on leasing activity, the firms said in a joint release.
A site map, oriented with the right side as north, shows the layout and sizes for the buildings.
The firms purchased the site at 6200 Monahan Road in a deal recorded with the county May 21. An LLC tied to the firms paid $9 million for the 93.5 acres, according to transactions reported by Commonwealth Commercial Partners.
The seller was International Real Estate Development, a Henrico-based firm led by Josef Haas Jr. that had owned the land since at least 2004. Commonwealth Commercial’s Ben Bruni brokered the deal for Lingerfelt.
Rob Valentine, Lingerfelt’s managing director of investments, said the site had been planned for industrial development but was softly marketed for sale when Bruni brought it to the firm’s attention.
He said Lingerfelt put it under contract in 2021 and spent the time since securing development and wetland mitigation approvals. Henrico assessed the property this year at over $3.8 million.
Valentine said the firms have received interest from potential users for the buildings, which he said could accommodate single or multiple tenants. The other buildings are planned at 218,000, 186,000 and 148,000 square feet.
Rob Valentine
“We’d obviously prefer a single tenant, but that’s not always how it happens. It takes a lot of risk off the table if we are leasing to a single building user prior to delivery, and usually that’s when we would lease to a single tenant,” he said, adding that additional costs come with outfitting buildings for multiple tenants.
A cost estimate for the overall project was not disclosed. Lingerfelt is handling leasing and management for the center.
Arco Design/Build is signed on as the general contractor for the project. RK&K is the civil engineer, and Townes Site Engineering handled wetlands permitting. Troutman Pepper Locke was the group’s legal counsel.
A rendering of the first building, which will be built on spec.
The joint venture is the second for Lingerfelt and Davis, which previously collaborated on a 325,000-square-foot building at Carmel Church Business Center in Caroline County. That building was delivered early last year.
Valentine said that project led to Davis’ collaboration on 7 Hills with Lingerfelt, which often enlists equity partners on its projects.
“We’re just following on the coattails of our Carmel Church partnership with Davis,” Valentine said. “We’ve been engaged with them on this particular site for at least two years. It’s a long-standing relationship, and they’ve proved themselves to be a good partner that fit the mold for this particular project.”
7 Hills is the latest industrial deal for Lingerfelt. The firm, led by father-and-son team Alan and Ryan Lingerfelt and President Brian Witthoefft, is also partnering with SCOA Real Estate Partners on a 348,000-square-foot distribution center near Prince George.
In April, Lingerfelt sold Port 801, a distribution warehouse in southern Chesterfield, to national firm LBA Logistics for $35 million.
7 Hills Distribution Center is planned to consist of four buildings totaling over 820,000 square feet of space. (Images courtesy Lingerfelt)
For its latest industrial development in Henrico, local real estate investment firm Lingerfelt is partnering with a New England peer on a multibuilding warehouse complex next to Richmond International Airport.
Lingerfelt announced Thursday it has entered into a joint venture with Boston-based Davis Cos. to acquire and develop a roughly 95-acre site at Charles City and Monahan roads, where they’ll break ground in late summer on the first of four buildings that will make up 7 Hills Distribution Center.
The buildings are planned to total over 820,000 square feet of warehouse and distribution space, on land already zoned for industrial use.
The first building, which will be built on spec, will total about 268,000 square feet and is targeted for delivery in the fall of 2026. Construction on the other buildings would follow, with build-to-suit or pre-lease arrangements based on leasing activity, the firms said in a joint release.
A site map, oriented with the right side as north, shows the layout and sizes for the buildings.
The firms purchased the site at 6200 Monahan Road in a deal recorded with the county May 21. An LLC tied to the firms paid $9 million for the 93.5 acres, according to transactions reported by Commonwealth Commercial Partners.
The seller was International Real Estate Development, a Henrico-based firm led by Josef Haas Jr. that had owned the land since at least 2004. Commonwealth Commercial’s Ben Bruni brokered the deal for Lingerfelt.
Rob Valentine, Lingerfelt’s managing director of investments, said the site had been planned for industrial development but was softly marketed for sale when Bruni brought it to the firm’s attention.
He said Lingerfelt put it under contract in 2021 and spent the time since securing development and wetland mitigation approvals. Henrico assessed the property this year at over $3.8 million.
Valentine said the firms have received interest from potential users for the buildings, which he said could accommodate single or multiple tenants. The other buildings are planned at 218,000, 186,000 and 148,000 square feet.
Rob Valentine
“We’d obviously prefer a single tenant, but that’s not always how it happens. It takes a lot of risk off the table if we are leasing to a single building user prior to delivery, and usually that’s when we would lease to a single tenant,” he said, adding that additional costs come with outfitting buildings for multiple tenants.
A cost estimate for the overall project was not disclosed. Lingerfelt is handling leasing and management for the center.
Arco Design/Build is signed on as the general contractor for the project. RK&K is the civil engineer, and Townes Site Engineering handled wetlands permitting. Troutman Pepper Locke was the group’s legal counsel.
A rendering of the first building, which will be built on spec.
The joint venture is the second for Lingerfelt and Davis, which previously collaborated on a 325,000-square-foot building at Carmel Church Business Center in Caroline County. That building was delivered early last year.
Valentine said that project led to Davis’ collaboration on 7 Hills with Lingerfelt, which often enlists equity partners on its projects.
“We’re just following on the coattails of our Carmel Church partnership with Davis,” Valentine said. “We’ve been engaged with them on this particular site for at least two years. It’s a long-standing relationship, and they’ve proved themselves to be a good partner that fit the mold for this particular project.”
7 Hills is the latest industrial deal for Lingerfelt. The firm, led by father-and-son team Alan and Ryan Lingerfelt and President Brian Witthoefft, is also partnering with SCOA Real Estate Partners on a 348,000-square-foot distribution center near Prince George.
In April, Lingerfelt sold Port 801, a distribution warehouse in southern Chesterfield, to national firm LBA Logistics for $35 million.