$85.4M sale completed for a mission-critical cold storage facility in Virginia
JLL Capital Markets represented Scannell Properties in the sale of the 328,335-square-foot distribution facility in the Richmond market of Glen Allen
WASHINGTON, DC, Apr. 15, 2024 – JLL Capital Markets announced today that it arranged the $85.4 million sale of Performance Food Group @ Cardinal North, a 328,335 square-foot, mission-critical cold storage and distribution facility in Glen Allen, Virginia.
JLL worked on behalf of the seller, Scannell Properties, and procured the buyer.
Fully leased to Fortune #91 Performance Food Group Company, this mission-critical facility delivered in 2023 and features state-of-the-art infrastructure, including 160,000 square foot of freezer/cooler space, a nearly 10,000 square foot stand-alone vehicle maintenance facility and fuelling facility, a 32-foot clear height, 52 fully fit-out dock-high doors, 138 supplemental trailer storage spaces and sits on a 59.3 acre-parcel with room for two (2) additional expansion areas to increase the under roof area by up to an additional 40% more square feet.
Strategically located less than one mile from I-95, efficiently connecting the facility to the entire East Coast, PFG @Cardinal North benefits from premier accessibility to the entire Richmond MSA and its dense labor pool. The property is positioned less than 25 minutes from the Richmond International Airport (RIC) and Richmond Marine Terminal, providing excellent multimodal logistics optionality.
The JLL Capital Markets team was led by Senior Managing Directors Bill Prutting and Pete Pittroff, Senior Director Craig Childs and Dave Andrews and Josh McArdle and Christopher Dale.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries
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About Scannell Properties
Scannell Properties is a privately held real estate development and investment company that focuses on build-to-suit and speculative development of industrial, office, and multifamily facilities throughout the U.S., Canada and Europe. Since inception in 1990, Scannell Properties has completed over 550 development projects totalling 158 million SF. For more information, visit scannellproperties.com
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.