#United States #Ashland #DPR Construction #Matan Companies #Northlake II

Matan Companies Completes Final Lease at Northlake II

Matan Companies, a prominent player in the Mid-Atlantic industrial development space, has made headlines by securing a full-building lease for the final phase of its Northlake II industrial park located in Ashland, Virginia. This latest addition spans an impressive 203,000 square feet and has been leased to DPR Construction, a well-known general contractor recognized for its innovative approach in various sectors including commercial, healthcare, and technology.

Northlake II Overview

Northlake II is strategically located about 15 miles north of Richmond, making it an advantageous site for businesses requiring logistical efficiency. The project encompasses four high-quality buildings, totaling 548,000 square feet. The first phase, which includes Buildings A, B, and C, was completed and leased in early 2024 to established tenants like Ferguson Enterprises and Chadwell Supply, among others.

The park’s prime positioning along Interstate 95 allows seamless access to one of the East Coast’s major transportation corridors, which is essential for logistics, manufacturing, and distribution activities. This accessibility is creating a vibrant atmosphere for businesses to thrive in Hanover County, known for its robust market.

Continued Growth and Construction Plans

Construction for Building D commenced in the summer of 2025, aiming for completion around late spring 2026. The full leasing of this Northlake II facility highlights the soaring demand for premium industrial spaces in Greater Richmond, where low vacancy rates persist and the absorption rate continues to exceed the pace of new development.

JP Matan, Principal at Matan Companies, emphasized the significance of this achievement by stating, "This milestone at Northlake II showcases the enduring strength of the Richmond industrial market and our dedication to creating spaces that cater to tenants, like DPR Construction, who are shaping the future of their industries. We’re excited to welcome DPR to our portfolio and support their expansion along the I-95 corridor."

DPR Construction's Expansion Strategy

DPR Construction, established in 1990 with its headquarters in Redwood City, California, brings a wealth of expertise in sustainable and technology-driven construction projects. With a remarkable annual revenue exceeding $9 billion and a workforce of over 10,000, DPR has undertaken significant projects across the nation, including hospitals and corporate campuses. This new facility in Ashland will significantly enhance DPR’s presence on the East Coast.

Zach Jung, Managing Director at Matan Companies, remarked on the strategic significance of the Richmond expansion, saying, "Our entry into Richmond aligns seamlessly with our regional development strategy." With the completion of Northlake II, Matan Companies is poised to kickstart plans for Northlake III this upcoming spring, which will encompass a 210,000 square-foot building equipped with generous trailer parking.

Industry Representation and Real Estate Insights

Matan Companies was represented in these leasing efforts by JLL's Gareth Jones, Chris Avellana, and Charlie Polk, while DPR's interests were managed by Savills and CBRE. This collaboration underscores the ongoing commitment of both companies to meet the evolving demands of modern industries.

About Matan Companies

With over 45 years in the industry, Matan Companies is a leading commercial real estate firm based in the Washington, D.C. suburbs, boasting a portfolio exceeding 7 million square feet of industrial, bio-life science, and office assets. The firm is committed to delivering comprehensive service offerings including construction management, asset management, and leasing services to its investors and tenants.

For those interested in more information about Matan Companies, visit www.mataninc.com.

About DPR Construction

DPR Construction stands as one of the top 10 U.S. contractors, dedicated to delivering technologically advanced and sustainable projects across myriad sectors. Discover more about their initiatives at dpr.com.

Overall, the full leasing of Northlake II marks a pivotal development for both Matan Companies and DPR Construction, setting a robust foundation for future growth entwined with the evolving landscape of industrial development in Virginia.