Project for Baltimore-based company represents Phase I of larger 68-acre business community
MacKenzie Investment Group, LLC (MIG) has entered the greater Richmond, Virginia market with its delivery of a 202,000 square foot warehouse/industrial building located at 11060 Johnson Road in Ashland. MIG is the commercial real estate development and investment component of The MacKenzie Companies, the Baltimore-based company which operates six full-service divisions addressing all real estate asset classes. The building, which is 100% leased to three tenants, represents the Phase I portion of the North Richmond Industrial Park, 75-acre business community that can support up to 600,000 square feet of warehouse/industrial space. MacKenzie Investment Group is reviewing options regarding the timing for proceeding with the balance of the development plan, with no determination made at the present time.
Constructed on a speculative basis and located near US Route 1 and Interstate 95 and approximately 20 miles north of Richmond, the project is equipped with 32-foot ceiling heights, 46 dock doors and is surrounded by a surface parking lot that can accommodate nearly 160 cars and 46 trailers. Leases have been executed with The Home Depot; MS International, Inc., an importer and distributor of natural stones and countertops; and Sentara Healthcare, a non-profit healthcare organization serving Virginia and North Carolina. Each tenant expects to take occupancy over the next several months.
“We believe the enduring fundamentals contained within Richmond make the marketplace ripe for additional warehouse and industrial developments, given its proximity to major population centers, a mature highway system and well-regarded port access, and the presence of a highly-skilled labor market,” explained Mike Bradley, President of MacKenzie Investment Group. “The same-day and next-day demands of consumers continue to apply pressure on retailers and manufacturing companies to establish logistics operations to serve an expanding need. We see a long runway for this asset class in the central Virginia area and intend to remain a significant player that provides best-in-class real estate products to end-users.”
North Richmond Industrial Park is positioned within 500 miles of 60% of the nation’s consumers, within 100 miles from the Port of Virginia and has direct access to Richmond International Airport which handles more than 85 million pounds of cargo annually. The project is also served by freight service through CSX and Northern Southern and is near Interstates 64, 95, 85 and 295.
According to data from CoStar Group, more than 10.5 million square feet of industrial/warehouse space was leased in the greater Richmond metropolitan area in 2021, resulting in a 2.9% vacancy rate to close the year. The net absorption during this period exceeded one million square feet of space in the fourth quarter.
In addition to North Richmond Industrial Park, MIG is working with several other land parcels in the Richmond area that are in various stages of entitlement.
MacKenzie Investment Group, LLC is the real estate development and investment arm of The MacKenzie Companies, which operates six full-service divisions addressing all real estate asset classes including MacKenzie Management Company, LLC, MacKenzie Contracting Company, LLC, MacKenzie Capital, LLC, MacKenzie Commercial Real Estate Services, LLC and Datastory Consulting. The company provides customized real estate solutions for institutional owners, investors, private companies and individuals. For additional information, visit www.mackenziecommercial.com