Ashley Capital Purchases Largest Vacant Building in Mid-Atlantic with Plans for Updated Distribution Center
RICHMOND, VIRGINIA – A 798,786 square foot distribution center and the 155.4 acres it sits on has been purchased by Ashley Capital from Ace Hardware Corporation. The property is strategically located on I-295 at 7000 Hardware Drive in Prince George County, Virginia, offering immediate access to I-95 and I-85 as well as Route 460 and the Port of Virginia.
Ashley Capital made the investment in the Metro-Richmond property – the largest vacant building in the Mid-Atlantic – with plans on immediately upgrading and re-establishing the distribution center. The building is expandable by approximately 400,000 SF, and upgrades will include the replacement of the roof and dock doors, removal of an internal mezzanine, interior and exterior painting and several other functional and cosmetic upgrades. The property will then be rebranded as the Virginia Gateway Logistics Center.
Tim Schneider, Vice President of Acquisitions and Leasing at Ashley Capital, stated, “We are excited to get this project underway and all that it will bring to this community.” He added, “It’s location, formidable size and the planned upgrades will not only provide prime logistics space, but also bring jobs and an economic boost to the area that were unattainable while the property sat vacant.”
Evan M. Magrill and Bobby Phillips, SIOR of Cushman & Wakefield | Thalhimer handled the sale negotiations on behalf of Ashley Capital and Cushman & Wakefield | Thalhimer is serving as the leasing agent for the project.
The Virginia Gateway Logistics Center is projected to be completed and ready to open its new dock doors in the fall of 2020. It is divisible for smaller tenants and available for lease immediately.
About Ashley Capital
Ashley Capital, LLC is one of the largest privately owned industrial real estate investment/development firms in the United States. The firm has offices in Atlanta, Chicago, Detroit, Grand Rapids, Norfolk and New York. Ashley’s current portfolio is over 27,000,000 square feet. Ashley is a long-term flexible owner that actively manages its properties and pays close attention to the needs of its tenants.
About Cushman & Wakefield | Thalhimer
Thalhimer was founded in 1913 and currently has offices in Richmond, Newport News, Virginia Beach, Fredericksburg, Roanoke, Charlottesville, and Lynchburg, VA; and Charleston, Columbia, and Greenville, SC. The company has over 100 broker professionals and employs over 400 associates. Thalhimer represents, on behalf of its clients, a property portfolio of over 56 million leasable square feet, and management of over 30 million square feet of commercial property, and over 8,000 multifamily units. In 2018 Thalhimer completed nearly 2,000 transactions with a transactional volume over $1.3 billion. Thalhimer is the region’s leading provider of comprehensive commercial real estate services. The firm offers comprehensive commercial real estate services including corporate services, investment sales, tenant representation, project management, asset management, and the sale and leasing of office, industrial and retail properties.
To learn more, visit www.thalhimer.com or follow @Thalhimer on Twitter.
Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.