Matan Companies Enters Richmond Market
Washington, DC suburban-based industrial developer to break ground on five buildings
RICHMOND, VA April 14, 2021 - JLL announces today it has been retained by Matan Companies to oversee the industrial leasing of a new five-building industrial development in Hanover County, Virginia. This will be the Maryland-based developer’s first entry into the Richmond industrial market. Upon completion in mid-2022, Northlake II will include approximately 655,000 square feet of Class A industrial product.
"We are really excited to partner with Matan to bring this well-positioned, high quality development to the market. Based upon strong demand, we expect a swift lease-up,” said Chris Avellana, Vice President, JLL. “What’s missing right now for prospective tenants who need smaller blocks of space is high quality, new product. We will be able to accommodate requirements from approximately 20,000 square feet to over 100,000 square feet. With many of the new deliveries limited to companies requiring 100,000+ square feet or greater, Matan’s development approach will be incredibly meaningful here.”
Matan will commence sitework on the first three buildings in May 2021 with delivery scheduled for Spring 2022. Future tenants can expect 32-foot clear ceiling heights, ample dock-high door counts, dedicated trailer drop area, as well as superb access to the I-95 corridor.
“We have had our eye on Richmond,” noted Jamie Minkler, Director of Acquisitions, Matan Companies. “The new distribution projects that have been built over the past few years have put the market on the map from a supply chain perspective. We believe the market fundamentals are incredibly strong and we look forward to this being the first of many investments we make here in the community.”
JLL’s Gareth Jones, Chris Avellana and Charlie Polk will handle the leasing efforts for Matan at Northlake.
For more information about Richmond’s industrial market, visit https://www.us.jll.com/en/locations/mid-atlantic.
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 $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Matan Companies
Matan Companies, headquartered in the Washington, D.C. suburbs, is one of the region’s premier commercial real estate services and development firms. Founded over 40 years ago on the principle of providing a comprehensive, full-service approach, the firm’s current portfolio consists of over 6.5 million square feet of industrial/ Bio/ office assets, with two million square feet under construction and 3 million square feet in the development pipeline, The Progress Labs initiative, several active residential developments, and a separate portfolio of multifamily units. The company delivers a full range of services to their real estate investors and tenants including asset and property management, leasing, and tenant services. For additional information about the Matan Companies, please visit http://www.mataninc.com/.