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News release

Richmond, VA

Northlake Commerce Center to be developed in Hanover County


Richmond, Va., August 1, 2018 JLL and Raleigh-based Brookwood Capital Partners are pleased to announce a new 152,000 square foot speculative industrial building to be developed in Hanover County, Virginia. The modern, Class A industrial space, delivering in the second quarter of 2019, will be one of the leading industrial options in the area. The building, situated on approximately 15 acres in Northlake Park in Ashland, with direct access to I-95 exit 89, will be a state of the art distribution facility featuring 32' ceiling heights, 7" floors, 29 dock doors and two drive-in doors.

"We are excited to partner with JLL to have a presence in the market and bring a modern industrial solution to businesses looking to relocate to the region," said Lindsay Sewell, Principal at Brookwood Capital Partners. "We were pleased to work closely with Hanover County to support us in bringing the Northlake Commerce Center vision to life."

"With Hanover County's current industrial vacancy rate at under 1%, according to CoStar's most recent research, we are extremely excited to team up with Brookwood Capital Partners with a new speculative building program that encourages developers through a real-estate tax rebate to invest in new product that we believe is a win for everyone," said Hanover County Director of Economic Development, Linwood Thomas.  "Many companies have put their expansion plans on hold due to the inability to find quality industrial space along the interstate corridors, and this program provides an incentive to eliminate some of the risks associated with speculative developments.  Speed to market is a critical for corporations looking for space and having a tangible asset in place eliminates some of those barriers. I believe Brookwood Capital's foresight in bringing new product to market will be fruitful as our most recent speculative buildings including Amazon have all been nearly leased before completion," said Thomas.

Northlake Commerce Center will have 27,000 to 152,000 square feet of modern distribution and warehouse space located within 500 miles of sixty percent of the nation's consumers. The site is accessible to an extensive network of major highways including I-64, I-95, I-85, and I-295, more than 100 motor freight companies serving the area, Richmond International Airport and the Port of Virginia.

JLL will be providing real estate expertise and guidance from a marketing and leasing perspective. JLL's Muscoe Garnett and Adam Lawson will spearhead the industrial leasing efforts for the new asset. "We're thrilled to partner together with Brookwood Capital Partners," added Adam Lawson, Vice President at JLL. "Their investment, as well as the support from the County, demonstrates the strength of the growing industrial market here in Hanover and this building will be a best-in-class option for many looking to grow their footprint in Virginia."

 

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 83,500 as of March 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit ir.jll.com.

About Brookwood

Brookwood Capital Partners (BCP) was founded in 2006 and specializes in build-to-suit and speculative property development, value-add acquisitions, and real estate asset management.  BCP has built our reputation by establishing long-term partnerships with our clients and partners.  We develop properties with the highest institutional quality while maintaining an entrepreneurial spirit.  BCP has developed more than 50 projects in 18 states totaling more than 5,000,000 square feet.  For more information visit: www.brookwoodcapitalpartners.com.