#United States #Richmond #Lingerfelt #Davis Companies

Major Land Acquisition Near Richmond International Airport

Lingerfelt and The Davis Companies recently unveiled their strategic partnership to acquire a substantial 95 acres of land located in Henrico County, Virginia. The site, conveniently positioned just south of the Richmond International Airport, is earmarked for the ambitious 7 Hills Distribution Center project. This joint venture aims to develop a total of approximately 820,800 square feet of high-quality Class A warehouse and distribution space, divided across four distinct buildings.

Project Phases and Timelines

According to officials, Phase I of the project is slated to commence with groundbreaking expected in late summer 2025. The initial phase will involve extensive site work, preparation, and the extension of 7 Hills Boulevard throughout the property, leading to the speculative construction of Building 1, which will occupy 267,840 square feet. This phase is anticipated to be completed by Fall 2026.

Ryan Lingerfelt, Chief Executive Investment Officer at Lingerfelt, expressed enthusiasm for the project: "This is an exciting milestone that reflects our ongoing strategy of developing high-quality industrial assets in key growth corridors. We are proud to partner with Davis on this project and aim to deliver much-needed Class A industrial space to the market."

Following the completion of Phase I, the construction of Buildings 2, 3, and 4 will begin, with options available for either build-to-suit or pre-lease arrangements that will depend on user leasing activity.

Strategic Location Advantages

One of the critical drivers behind this project is the strategic location near the airport coupled with access to essential interstate highways. Kevin Wong, Vice President of Investments at Davis, mentioned that the 7 Hills Distribution Center will offer companies in the Richmond area outstanding connectivity and quality industrial spaces to facilitate growth and operational efficiency.

Previous Successful Endeavors

This new joint venture follows the successful completion of the Carmel Church Business Center, another collaboration between Lingerfelt and Davis. This prior project was launched north of Richmond, along I-95, and resulted in the introduction of 325,500 square feet of Class A warehouse space to the Richmond area, showcasing their capability to execute large-scale industrial developments effectively.

About the Companies

Lingerfelt is a well-established real estate investment firm with a solid reputation in acquiring, developing, and managing commercial properties across the Southeast and Mid-Atlantic regions. Their portfolio primarily consists of industrial, office, and healthcare properties, with a keen focus on providing value-driven results for investors and tenants alike.

On the other hand, Davis specializes in real estate investment, development, and management. With over five decades of experience, the firm prides itself on a collaborative approach to complex projects, continuously striving to maximize value across its expansive portfolio. Currently, Davis holds a diversified real estate portfolio comprising approximately 15.4 million square feet across various sectors, including healthcare, industrial, retail, office, and hospitality.

As both companies push forward with the 7 Hills Distribution Center project, they contribute significantly to the economic landscape of Henrico County, promising an array of industrial opportunities that cater to the market demands within the Richmond region.

For more information about Lingerfelt, visit lingerfelt.co or for Davis Companies, check thedaviscompanies.com.