The industrial park sits just east of Richmond Raceway. (Mike Platania photo)
A West Coast real estate firm quietly made a nine-figure splash in the Richmond-area industrial market in recent months.
Irvine, California-based firm LBA Realty is the new owner of more than 2 million square feet of warehouse space spread across more than a dozen buildings in Henrico County.
Its biggest buy was the $191.6 million purchase of the Richmond Distribution Center complex, which spans 1.9 million square feet in a dozen warehouses on 202 acres at 4101-4645 Carolina Ave.
Built mostly in the 1980s, the industrial park boasts tenants like packaging company Temperpack, Amazon’s Flex division and flooring supply firm East Bay Supply Co.
On the same day, LBA Realty also bought the 345,000-square-foot Woodland Center industrial complex at 510-540 Eastpark Ct. as well as a 141,000-square-foot warehouse at 4717 Eubank Road. The price tags for those two deals were $40 million and $13.4 million, respectively.
4717 Eubank is leased to Red Bull energy drink distribution firm Lift Off Distribution, while tenants at Woodland Center include medical supply firm Ondal Medical Systems and online car oil retailer AMSOIL.
All three sales closed on Aug. 2, according to county records, and neither LBA or seller Prologis, Inc., a publicly traded firm out of San Francisco, formally announced the deals at the time.
A Prologis spokesperson confirmed the deals but wasn’t available for further comment.
Prologis had picked up the RDC properties in 2019 by way of its nearly $13 billion acquisition of Liberty Property Trust. Prologis’ 2019 purchase price for each property wasn’t reflected in Henrico records.
The $191.6 million price tag on the RDC is by far the single largest real estate transaction in the Richmond region in 2023.
It’s only the second local deal to hit nine figures, joining Henrico-based Lingerfelt’s $105 million purchase of a pair of Ashland industrial centers in March. By this time last year, the region had already seen six $100 million-plus sales.
LBA did not respond to calls and requests seeking comment. According to its website, the company has two main divisions that specialize in the office and industrial markets. It owns about 7 million square feet of office space in the western U.S., as well as 89 industrial properties all over the country.
Last year Prologis sold off another eastern Henrico industrial park for $139 million.
A few weeks ago a Maryland-based firm claimed the top spot for price tags in the city this year when it bought part of Hourigan’s Deepwater Industrial Park for $40.2 million.
The industrial park sits just east of Richmond Raceway. (Mike Platania photo)
A West Coast real estate firm quietly made a nine-figure splash in the Richmond-area industrial market in recent months.
Irvine, California-based firm LBA Realty is the new owner of more than 2 million square feet of warehouse space spread across more than a dozen buildings in Henrico County.
Its biggest buy was the $191.6 million purchase of the Richmond Distribution Center complex, which spans 1.9 million square feet in a dozen warehouses on 202 acres at 4101-4645 Carolina Ave.
Built mostly in the 1980s, the industrial park boasts tenants like packaging company Temperpack, Amazon’s Flex division and flooring supply firm East Bay Supply Co.
On the same day, LBA Realty also bought the 345,000-square-foot Woodland Center industrial complex at 510-540 Eastpark Ct. as well as a 141,000-square-foot warehouse at 4717 Eubank Road. The price tags for those two deals were $40 million and $13.4 million, respectively.
4717 Eubank is leased to Red Bull energy drink distribution firm Lift Off Distribution, while tenants at Woodland Center include medical supply firm Ondal Medical Systems and online car oil retailer AMSOIL.
All three sales closed on Aug. 2, according to county records, and neither LBA or seller Prologis, Inc., a publicly traded firm out of San Francisco, formally announced the deals at the time.
A Prologis spokesperson confirmed the deals but wasn’t available for further comment.
Prologis had picked up the RDC properties in 2019 by way of its nearly $13 billion acquisition of Liberty Property Trust. Prologis’ 2019 purchase price for each property wasn’t reflected in Henrico records.
The $191.6 million price tag on the RDC is by far the single largest real estate transaction in the Richmond region in 2023.
It’s only the second local deal to hit nine figures, joining Henrico-based Lingerfelt’s $105 million purchase of a pair of Ashland industrial centers in March. By this time last year, the region had already seen six $100 million-plus sales.
LBA did not respond to calls and requests seeking comment. According to its website, the company has two main divisions that specialize in the office and industrial markets. It owns about 7 million square feet of office space in the western U.S., as well as 89 industrial properties all over the country.
Last year Prologis sold off another eastern Henrico industrial park for $139 million.
A few weeks ago a Maryland-based firm claimed the top spot for price tags in the city this year when it bought part of Hourigan’s Deepwater Industrial Park for $40.2 million.
Amazon has been gone for a few months……..