New Joint Venture Aims to Enhance Industrial Space in Richmond's Market

On January 8, 2025, Lingerfelt, a prominent real estate development firm based in Richmond, Virginia, announced an exciting new partnership with SCOA Real Estate Partners (SREP), a subsidiary of the global trading giant Sumitomo Corporation. This collaboration marks the beginning of the development of the TriPoint Distribution Center, a state-of-the-art speculative industrial warehouse located in Prince George, Virginia. The project responds to the acute need for more industrial space in the Richmond area, a region experiencing a steady rise in demand and a concerning decline in supply.

Joe Zagranski, President and CEO of SCOA Real Estate Partners, expressed enthusiasm about the collaboration, stating, "We are extremely pleased to be collaborating with Lingerfelt on this development. Lingerfelt's impeccable, long-term track record complements our strengths in logistics development, and we are aligned to deliver a first-class project." The planned facility is projected not only to meet the increasing industrial space needs but also to generate substantial economic activity in the Richmond region, including the potential for creating around 1,400 jobs.

The TriPoint Distribution Center spans an impressive 347,760 square feet and broke ground in September 2024. Its anticipated completion date is set for August 2025. Strategically positioned at the intersection of major transportation routes, including I-295, I-95, and Route 460, this facility is designed for optimal logistics and distribution efficiency, facilitating expedited supply chain management for future tenants.

Lingerfelt and SREP have chosen ARCO as the general contractor for the TriPoint project, ensuring that the development meets the highest standards of quality and efficiency. Additionally, the well-regarded firm CBRE will oversee leasing and marketing efforts for the property to maximize its reach within the market.

Rob Valentine, Principal at Lingerfelt, noted, "Partnering with SREP on this venture reflects our shared commitment to deliver exceptional industrial solutions into supply-constrained markets. We're excited to bring this project to life, creating value for our stakeholders while addressing demand in the regional logistics sector with a modern product designed for today's users."

This development is a significant part of Lingerfelt's broader strategy aimed at fulfilling the increasing demand for speculative industrial projects across Richmond. With a reputation for delivering high-quality real estate developments, Lingerfelt continues to enhance the commercial landscape in the region.

About Lingerfelt
Lingerfelt has built a strong reputation as a leading real estate development and investment firm in Richmond, Virginia. With decades of experience, the company specializes in innovative commercial real estate projects that enhance community value and provide substantial returns for investors.

About SCOA Real Estate Partners
Based in Atlanta, Georgia, SREP focuses on developing multifamily residential communities, master-planned neighborhoods, industrial warehouses, and logistics facilities. The firm prides itself on building lasting relationships and creating vibrant spaces that foster community pride for homeowners and businesses alike.

As the TriPoint Distribution Center takes shape, both Lingerfelt and SCOA Real Estate Partners continue to showcase their commitment to addressing market needs and driving economic growth in the Richmond area.