JLL closes $78.5M sale of Virginia I-95 Logistics Park
The fully leased, Class A industrial portfolio is along Interstate 95 in Richmond
WASHINGTON, D.C., March 6, 2020 – JLL Capital Markets announced today that it has closed the $78.5 million sale of I-95 Logistics Park, a two-building, fully leased, Class A logistics park totaling 923,400 square feet along Interstate 95 and across the interstate from the Richmond Marine Terminal in Richmond, Virginia.
JLL marketed the property on behalf of the seller, Panattoni Development Company, Inc. Virginia-based Cambridge Property Group structured the acquisition on behalf of Logistics Park 95 LLC/Halle Enterprises.
Occupied by two high-profile tenants, the best-in-class buildings were completed in 2019 and offer institutional features throughout. Situated on a total of approximately 60 acres at 4747 and 4949 Commerce Drive, just south of downtown Richmond, the portfolio sits at the mid-point of the primary East Coast distribution arterial, Interstate 95. This location provides tenants with easy distribution access throughout the entire Richmond MSA and on to major population centers along the East Coast, including Washington, D.C.; Baltimore; Philadelphia and New York, all of which are within 350 miles of the portfolio. Additionally, the buildings are across Interstate 95 from the Richmond Marine Terminal, which offers container-on-barge service from Hampton Roads to Richmond, providing a maritime alternative to Interstate 64 and bringing cargo to Interstate 95 by transporting goods on the James River.
The JLL Capital Markets team representing the seller was led by Senior Managing Directors John Huguenard and Bruce Strasburg and Senior Director Patrick Nally.
“In the high barrier-to-entry Richmond market, the portfolio’s irreplaceable location just off I-95, coupled with immediate access to the James River Barge Service, drove the deepest and most Institutional buyer pool in Richmond’s history,” Huguenard said.
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Panattoni Development Company, Inc.
With an expansive international platform, Panattoni Development Company, Inc. specializes in industrial, office and build-to-suit development. Its 24 offices in the United States, Canada and Europe are responsible for development of over 340 million square feet. Each office is rooted in the local community with strong partnerships that produce the best results for Panattoni’s clients in each region. Visit panattoni.com for more information.
About Cambridge Holdings LLC
Cambridge Holdings LLC provides real estate services to institutions, investment partnerships and individual owners to comprehensively and effectively address the challenges inherent in the commercial real estate market. Cambridge Holdings LLC integrates the functions necessary to meet the challenges of the dynamic real estate environment and achieve the investment goals set by the owner. Cambridge Holdings LLC’s proven expertise in development, investment management, asset property management, leasing, construction management and asset/portfolio restructures, provides its clients and partners with solutions to their specific needs. To learn more, visit cambridgeus.com.