Sale of Class A distribution center in Richmond, VA closes
JLL Capital Markets closed the sale of the newly completed Lowe’s Richmond
RICHMOND, November 8, 2022 – JLL Capital Markets announced today that it has closed the sale of Lowe’s Richmond, a Class A logistics facility totaling 1,200,540 square feet in Richmond, Virginia.
JLL represented the selling partnership, comprised of Hourigan Group, CRG, DSC Partners and Iron Point Partners, in the sale.
The newly completed building is fully leased to Lowe’s Home Centers, LLC and will serve as a critical piece of Lowe’s bolstered supply chain to maximize next-day delivery throughout the Southeast. The state-of-the-art cross-dock facility is the largest infill bulk facility in Richmond and touts numerous market-leading features.
Positioned at 2703 Commerce Road and directly off Interstate 95, Lowe’s Richmond sits at an irreplaceable, infill location strategically located minutes from downtown Richmond with one-turn access to the Richmond Marine Terminal – an evolving logistical catalyst of the market that is growing in parallel with the Port of Virginia. Richmond continues to emerge as a distribution haven for large corporations due to its central location along the eastern seaboard and serving as the gateway between the traditional power markets to the north and emerging growth markets to the south.
The JLL Capital Markets Industrial team representing the seller was led by Managing Director Patrick Nally, Senior Managing Directors Britton Burdette and Bill Prutting, Director Craig Childs and Associate Josh McArdle.
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 JLL
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 $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Hourigan Group
Hourigan is a construction and development firm guided by a vision to enhance communities and advance the world. Their consultative approach provides integrated solutions in the built environment for corporate office, industrial, healthcare, education, and federal clients throughout the Mid-Atlantic region. From developing concepts to delivering smarter structures, they lead forward with the latest technologies, best practices, and sustainable materials that enhance quality of life for all.
About CRG
CRG is a recognized leader in development and investment throughout North America. The firm has built a reputation delivering the best real estate solutions for our clients since 1993. Our truly vertically integrated approach has resulted in the most cost effective and creative design and construction solutions for our clients while essentially eliminating delivery risk for our investors. CRG has developed over 10,000 acres, equating to over 210 million square feet developed.
About DSC Partners
DSC Partners LLC is a real estate investment and development company based in Washington, DC that creates value through acquisition and management of commercial properties in dynamic local markets located in the Mid-Atlantic region. DSC’s integrated approach to real estate investment aims to maximize cash flow and optimize long-term, risk-adjusted returns. Founded in 2017, DSC has been involved in more than $1 billion in commercial real estate transactions and currently owns a diverse portfolio of office, industrial, life science, medical properties and development sites in Washington, DC, Maryland and Virginia.
About Iron Point Partners
Founded in 2007, Iron Point Partners, LLC (“Iron Point”) is a registered investment adviser that invests in real estate across several theme-based investment strategies. Since inception, Iron Point and its affiliates have raised over $9 billion in equity capital commitments. The firm maintains offices in Washington, D.C. and Dallas, Texas.