CRG Announces Disposition of 1.2M SF Industrial Facility Leased to Lowe’s Home Centers in Richmond, Va.
Build-to-suit distribution center sold to Realty Income Corp. in one of market’s largest industrial sales so far in 2022
RICHMOND, Va. (Nov. 22, 2022) — CRG, the national real estate development and investment firm, today announced the disposition of a 1,200,540-square-foot build-to-suit logistics facility located at 2703 Commerce Road in Richmond, Va. Developed on behalf of Lowe’s Home Centers LLC, the state-of-the-art cross-deck building was sold to Realty Income Corp.
Built in partnership with Hourigan Group, DSC Partners and Iron Point Partners and completed in October 2022, the facility serves as a critical component of Lowe’s supply chain, facilitating next-day delivery for customers across the Southeast. Located 5 miles south of downtown Richmond in the 110-acre Deepwater Industrial Park, it is the largest infill bulk facility in the city, offering immediate access to Interstate 95 and proximity to the Richmond Marine Terminal and Richmond International Airport.
“With over 40% of the nation’s population just a day’s drive away, Richmond is a booming hub for logistics operations in the Mid-Atlantic region, and this premier site sweetens the offering even further with quick access to a key East Coast interstate shipping route and the deep-water port,” said Mike Demperio, executive vice president and Southeast Region industrial partner for CRG. “The strong pricing we were able to achieve validates our development and investment strategy as we continue to deliver state-of-the-art logistics facilities in high-growth, high-barrier-to-entry markets where vacancy remains at or near historic lows, despite robust construction.”
The Lowe’s facility offers the same modern features included in all of CRG’s The Cubes-branded developments, such as 36’ clear heights, ESFR sprinkler systems, high-efficiency LED lighting, ample dock doors, trailer storage, and car and truck parking – all specifications sought by the nation’s leading retailers. Lamar Johnson Collaborative, a subsidiary of CRG parent Clayco, was the architect and Hourigan Group served as the general contractor for the project and the surrounding Deepwater Industrial Park. The development marked CRG’s third industrial facility developed on behalf of Lowe’s.
“Earning repeat business from this Fortune 50 company is proof that CRG’s integrated platform and industry-leading building standards are successfully meeting today’s rigorous user demands,” said Shawn Clark, president at CRG. “Even in today’s shifting economic landscape, we’re uniquely positioned to meet the continued demand for best-in-class warehouse space that appeals not only to end users, but also investors looking to increase their exposure to the industrial sector.”
The JLL Capital Markets team representing CRG in the sale included Managing Director Patrick Nally, Senior Managing Directors Britton Burdette and Bill Prutting, Director Craig Childs and Associate Josh McArdle.
“Richmond continues to emerge as a distribution haven for large corporations due to its central location along the eastern seaboard and serving as the gateway between the traditional power markets to the north and emerging growth markets to the south,” said Nally.
Nationally, CRG has planned, broken ground on or completed over 53 million square feet of The Cubes projects throughout the U.S. All are located in regional logistics hubs with extensive transit infrastructure, high workforce availability and large population bases.
CRG is a privately held national real estate development and investment firm that has developed more than 10,000 acres of land and delivered over 210 million square feet of commercial, industrial, institutional and multifamily assets exceeding $13 billion in value. CRG leverages a powerful North American platform with local market expertise and offices in Atlanta, Chicago, Indianapolis, Seattle, Southern California, St. Louis, Philadelphia and Phoenix. CRG’s philosophy of developing for the future and anticipating the enhanced needs of next-generation users led to the creation of its industrial brand, The Cubes, and its multifamily brand, Chapter. For more information, visit CRG’s website at www.realcrg.com.
LJC is a full-service design and architecture firm committed to enhancing the quality of the human experience and to improving how design and architecture can impact each individual’s emotional being. By harnessing the power of integrated design, including architecture, workplace strategy, interior design, landscape architecture, urban planning and engineering, the company achieves its clients’ goals and aspirations. For more information, please visit www.theljc.com.