Another new player in the region’s industrial development market has entered the market with a new building in Ashland.
MacKenzie Investment Group, a real estate development and investment arm of Maryland-based MacKenzie Cos., recently completed its first local project with a 202,000 square foot warehouse near the southern edge of Ashland.
The building, at 11060 Johnson Road, is fully leased with three tenants occupying the space, according to an announcement. The tenants – Home Depot, flooring and countertop distributor MS International and Sentara Healthcare – are expected to move into the building in the coming months.
The building represents the first phase of the North Richmond Industrial Park, a 75-acre development planned to total 600,000 square feet of warehouse and industrial space. The rest of the park remains in the design stage but could consist of one or more additional buildings, the company said in an email to BizSense.
“It will likely be a single building, but we are evaluating whether it can be split into two buildings based on interest from potential tenants,” the company said. “At the moment we are trying to keep our options open in order to bring the right product to market.”
Built to spec, the Johnson Road building is on the west side of Route 1 near Capital City Speedway and across the freeway from the northern terminus of North Lakeridge Parkway, where an Amazon fulfillment center is located. and other industrial users.
The building features 32-foot high ceilings, 46 dock doors, and surrounding parking that can accommodate 46 trailers and approximately 160 cars. The site is approximately 20 miles north of Richmond and has nearby access to Interstate 95.
The 24-acre property, described in Hanover County land records as Johnson Road Industrial Lot 2, is owned by EC Real Estate LLC, an entity related to Eagle Corp., a Charlottesville-based concrete contractor. The LLC acquired it last March with a 64-acre parcel, described as Lot 1.
Records do not indicate a purchase price for the packages, which are collectively valued at $20.4 million.
MacKenzie would not publish a development cost for the building. County appraisal records show the improvement value of this parcel increased by $10.5 million over last year.
The company’s announcement included comments from MacKenzie Investment Group President Mike Bradley, who said the Richmond market was ripe for additional warehouse and industrial space given the population, labor market and industry. access to motorways, ports and airports in the region.
“We see a long run for this asset class in the Central Virginia region and intend to remain a strong player providing best-in-class real estate products to end users,” Bradley said in the announcement. , who added that MacKenzie is working on land rights for additional projects in the area.
The North Richmond Industrial Park adds to other industrial activities in the area. Last fall, start-up Matan Cos., also located in Maryland, broke ground on the first phase of Northlake II, a new section of the nearby Northlake Industrial Park.