Scannell Properties has offered Efficiency Meals Group @ Cardinal North, a 328,335-square-foot chilly storage facility in Glen Allen, Va., for $85.4 million. The mission-critical distribution constructing is totally leased to Efficiency Meals Group Co.
JLL labored on behalf of the vendor and procured the customer, an entity resulting in Eaton Vance Actual Property Group, public data present. As of 2021, the corporate is a part of Morgan Stanley Funding Administration Corp.
The chilly storage asset is a part of Cardinal Commerce Middle, a three-building industrial campus that got here on-line in two phases, additionally together with a 260,000-square-foot distribution heart and a 186,900-square-foot speculative constructing.
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Accomplished final 12 months, Efficiency Meals Group @ Cardinal North options 160,000 sq. toes of freezer/cooler house, 32-foot clear heights, an nearly 10,000-square-foot stand-alone car upkeep and fueling facility and 138 trailer storage areas. Moreover, the constructing has two drive-in doorways and 52 dock-high loading doorways.
The property occupies greater than 59 acres at 10399 Washington Freeway, near interstates 95 and 295. Richmond Worldwide Airport and Richmond Marine Terminal are inside a 21-mile radius, whereas downtown Richmond is inside 14 miles. The power can also be lower than 4 miles from Northlake Distribution Middle, a 293,115-square-foot warehouse that traded final 12 months.
JLL Capital Markets Senior Managing Administrators Invoice Prutting and Pete Pittroff, Senior Administrators Craig Childs and Dave Andrews, together with Administrators Josh McArdle and Christopher Dale, organized the transaction on behalf of Scannell. Pittroff, Andrews and McArdle additionally represented Rockefeller Group within the sale of a 1 million-square-foot industrial park in Fort Mill, S.C.
Scannell’s current industrial developments
Since its inception in 1990, Scannell Properties has accomplished greater than 550 growth initiatives totaling 158 million sq. toes. Final month, the agency introduced plans for a 1 million-square-foot industrial park close to Savannah, Ga., to be developed in partnership with INDUS Realty Belief Inc. The 2-phase challenge is predicted to interrupt floor this quarter.
Scannell additionally began work on a 479,000-square-foot distribution and manufacturing facility in Salem, Ore., in November. The event is scheduled to return on-line subsequent 12 months.
Richmond’s industrial sector faces challenges
The Richmond-Tidewater market noticed greater than 1 million sq. toes of commercial house change fingers year-to-date as of March, in response to CommercialEdge info. This represents a steep decline from the just about 2.5 million sq. toes that traded throughout the identical interval of 2023.
In certainly one of this 12 months’s offers, a three way partnership between Lovett Industrial and an affiliate of Heitman LLC acquired Diamond Hill Distribution Middle, an roughly 720,000-square-foot industrial park in Chesapeake, Va. Hyperlink Logistics offered the property.