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The Porter Report 2Q 2017 | Richmond, Va Industrial Market Review Industrial Market Activity Strong

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The Porter Report 2Q 2017 | Richmond, Va Industrial Market Review Industrial Market Activity Strong THE PORTER REPORT 2Q 2017 | RICHMOND, VA INDUSTRIAL MARKET REVIEW INDUSTRIAL MARKET ACTIVITY STRONG. CLASS A/B OCCUPANCY STEADY. c At the end of the second quarter, Class A occupancy has decreased slightly MARKET SNAPSHOT (CLASS A/B) from 96% at the end of the first quarter of 2017 to 95% with vacancy added in COMPARISON TO LAST QUARTER both River’s Bend and the Richmond Distribution Center (Building J/K), and the Q4 2016 FORECAST availability of a free-standing 60,000 square foot facility in Park Central. The Class B occupancy rate has remained unchanged at 92%. The quarter ended after signif- VACANCY RATE m 1 icant market activity with multiple facility sales (see below) to primarily local users/ investors as well as leases to local companies relocating and expanding. Class C NET ABSORPTION + + market occupancy experienced a significant increase with lower vacancy reported in the Alleghany Warehouse complex on Commerce Road, bringing the CONSTRUCTION k k overall industrial market occupancy to 91%. c Construction of the new Class A facilities at the Airport Distribution Center and LEASE RATES the Enterchange at Northlake continues to progress with delivery expected in the 4th quar- 1 k ter. The new 153,480-square-foot Building B at the Airport Distribution Center has 39,405 SALE INVENTORY square feet remaining, and the new 320,853-square-foot Building D in the Enterchange at m m Northlake is reported to be fully leased. Becknell Industrial has also announced plans to begin construction on Building D at the Airport Distribution Center: 202,569 square feet of high bay distribution space with offices to suit, 3 drive-in doors, up to 39 semi docks, plus FEATURED PROPERTY 166 car and 22 truck parking spaces. c Fountainhead Properties has completed restoration of eight former tobacco storage 700 Gordon Avenue warehouses in South Richmond and renamed the former Philip Morris complex Clopton Siteworks. The park includes a total of 520,000 square feet in buildings of 20,000 square feet each on 25 acres collectively. The renovated buildings are now home to multiple businesses IMMEDIATE I-95 ACCESS as well as self-storage facilities with new units being repositioned as creative flex space, and the company has plans to continue renovations of the remaining buildings. c Richmond-based Spy Rock Real Estate Group has completed its acquisition of the Dori Foods specialty food service distribution warehouse at 3410 Norfolk Street, expanding its holdings in Scott’s Addition. The property includes an 86,607-square-foot warehouse fully leased to Dori Foods, and sold for $7.7 million. Spy Rock has developed multi-family and mixed use projects in Scott’s Addition, both industrial rehab and redevelopment. SELECTED INDUSTRIAL SALE TRANSACTIONS. c 88,000 SF SOLD at 1200 Dinwiddie Avenue (Richmond City) RVA Warehouse/Distribution Facility c 86,607 SF (INV) SOLD at 3410 Norfolk Street (Richmond City) 130,000 SF Facility For Sale c 65,274 SF (Flex-INV) SOLD at 9401-9417 Burge Avenue (Chesterfield Co) Includes 2,700 SF 2-Story Office c 63,195 SF SOLD at 1501 Valley Road (Richmond City) c 45,516 SF (INV) SOLD at 2200 Lanier Lane (Goochland Co) 3 Sections: 66k SF + 32k SF (2 Each) c 43,600 SF SOLD at 8501 Sanford Drive (Henrico Co) 5.38 Acres Zoned M-2 c 35,000 SF SOLD at 1900 Old Williamsburg Road (Henrico Co) 10 Dock Doors (Front) + Truck Well & 6 Dock Doors c 23,875 SF SOLD at 4700 Thalbro Street (Henrico Co) (Rear) • Ramp Access to Covered Platform SELECTED INDUSTRIAL LEASE TRANSACTIONS. 21’ Ceilings • Wet Sprinkler System c 73,558 SF LEASED at 4800 Eubank Road (Henrico Co) 600 Amp 208 Volt 3 Phase Electrical Service c 62,100 SF LEASED at Richmond Distribution Center (Henrico Co) Immediate I-95 Access @ Maury Street (Exit 73) c 50,545 SF LEASED at 5623 Eastport Boulevard (Henrico Co) c 50,000 SF LEASED at 2300 Jefferson Davis Highway(Richmond City) Enterprise Zone Location c 48,539 SF LEASED at Enterchange at Northlake (Hanover Co) Contact Exclusive Agent: c 43,210 SF LEASED at 8310 Shell Road (Chesterfield Co) Richard W. Porter, CCIM, SIOR c 24,481 SF LEASED at Enterchange at Walthall (Chesterfield Co) 804.521.1443 | [email protected] NOTE: Porter Realty Company transactions shown above in RED. Porter Realty Company Inc./CORFAC International 4801 Radford Avenue • P.O. Box 6482 • Richmond, VA 23230 Working Hard, Working Smart... For Our Customers 804.353.7994 • www.porterinc.com FEATURED PROPERTIES 2Q 2017 www.porterinc.com East End Henrico County Proximate to Rt. 288 Near West End Location I-95 @ Parham Road NEW! Airport Distribution Center 2418-2420 Lanier Road 8827 Staples Mill Road 8750 Park Central Drive Bldg B: 39,405 SF (Oct, 2017) 10,000 SF Warehouse 25,679 SF Office/Showroom 60,000 SF Facility on 6.5 Acres Bldg D: 202,560 SF (Spring, 2018) Fenced Outside Storage, Includes 5,570 SF Warehouse Includes 6,500 SF Office Cliff Porter Offices to Suit, Zoned M-1C 4 Oversized Drive-In Doors 1.288 Acres Zoned M-1 6 Docks + 1 Drive-In Door CCIM, SIOR Multiple Docks & Drive-In Doors For Lease: $7.95/SF NNN 1 Dock, Fully Conditioned 24’ Ceilings 59 Parking Spaces 32’ Ceilings, Car & Trailer Parking 2416 Lanier Road For Sale: $1,495,000 1000 Amp Electrical + ESFR 804.521.1442 ESFR Sprinkler, T5/LED Lighting 4,000 SF Office/Warehouse For Lease: $7.95/SF NNN Sprinkler, Henrico County Location [email protected] Now Leasing: Call for Information For Lease: $9.50/SF NNN Co-Listed with: Wilson Flohr For Lease: Call for Information Chesterfield Air Park Midlothian Tnpk Corridor Minutes from Midlothian Southport Business Park 7400 Whitepine Road 8221 Midlothian Turnpike 1575 Standing Ridge Drive 11301 International Drive 9,712 SF Office/Warehouse 6,000 SF Office Building 12,000 SF Facility Built 2002 13,200 SF Facility, 3,200 SF Includes 3,949 SF Office & 0.64-Acre Site, Zoned C-5 7,200 SF For Owner/Occupant Office, 1.5 Acres, Zoned I-1, Byron Holmes Production Area, 14’ Ceilings Pylon Signage on Rt. 60 Quality Tenant: $24,960/Year High Cap Sprinkler, 100% HVAC CCIM, SIOR 3 Drive-In Doors, 3 Phase Svc Built 1982 + Renovated Income, Oak Bridge Bus Park 14-16’ Ceilings, 1 Dock, 1 Drive-In Chesterfield Air Park Location Owner Relocating ~4 Minutes to Route 288 Secure Fenced Storage Yard 804.521.1448 [email protected] Route 288 Access @ Route 10 Leasing Opportunities Available 1.86 Acres Site, 16’ Ceilings For Sale: $1,300,000 For Lease: $6.75/SF Gross For Sale: $850,000 For Lease: $1,195,000 For Lease: Call for Information Retail For Sale/Lease Development Site I-64, I-295, Rt. 288 Access I-95 & I-295 Access NEW! NEW! ASHCAKE RD SCOTT ROAD SITE PARK CENTRAL DR 7401 Taw Street Park Central Drive 2200 Lanier Lane 9671 Sliding Hill Road 7,200 SF Free-Standing Retail 8.619 Acres Available 45,000 SF Office/Warehouse Office Space Available Zoned B-1 Fully Conditioned, Zoned C-3 Zoned O-S, Medical, Office & Includes 2,975 SF Office 9,200 SF Office Building Kevin Cox 36 Parking Spaces, Frontage on Warehouse Uses Zoned M-2, 6 Docks, 2 Drive-Ins +Proximate to the Hanover Air Park 804.521.1468 Jefferson Davis Highway Immediate I-95 Access @ 1 Oversized Drive-In Door I-95 Access @ Sliding Hill Road [email protected] Chesterfield County Location Parham Road (Exit 83) Fenced, Paved, Lighted Yard 2,300 SF 1st Floor Space For Sale: $895,000 Established Upscale Park Heavy Sprinkler & Power Systems Can Subdivide For Lease: $15.00/SF NNN For Sale: $225,000/Acre For Lease: $6.50/SF NNN For Lease: $15.00/SF FSG NEW! NEW! Virginia Physicians Family Practice BRANCH FOREST WAY ANDERSON HWY 1701 East Main Street Anderson Highway (Powhatan Co) 11351 International Drive 7023 Lee Park Road 4,548 SF Office/Retail Building Join Virginia Physicians Family 16,000 SF Office/Showroom 7,952 SF Office on 1.30 Acres 2nd & 3rd Floor Apartments Practice! 36.84 Acres Total Includes 10,000 SF Warehouse 38 Parking Spaces, Zoned B-1 Private Parking, Built 1910 Mixed Use Development Potential 18’ to 20’ Ceilings, 400 Amp 3 Mechanicsville Location Downtown RVA Location Retail Pad Sites from 1.59 Acres Phase Electrical Service ~5 Miles to Memorial Regional MC For Sale: $495,000 For Sale: $1,100,000 Multiple Dock Loading Options For Lease: $12.00/SF NNN Co-Listed with: Cliff Porter Co-Listed with: Byron Holmes For Lease: $8.25/SF Net For Sale: $650,000 CONTACT: WILSON FLOHR CONTACT: DICK PORTER CONTACT: BYRON HOLMES CONTACT: KEVIN COX 804.521.1458 804.521.1443 804.521.1448 804.521.1468 Porter Realty Company, Inc. • 4801 Radford Avenue • P.O. Box 6482 • Richmond, VA 23230 Phone: 804.353.7994 | www.porterinc.com No warranty or representation is made as to the accuracy of the foregoing information. FEATURED PROPERTIES 2Q 2017 www.porterinc.com Southpoint Business Park NEW 25-YEAR ROOF! Airport Area Location Low Tax Locality 6062 Quality Way 4731 Eubank Road 5491 International Trade Drive 5851 Quality Way 130,560 SF Facility Built 2007 50,560 SF Industrial Facility Parcel A: 9.851 Acres Total 50,880 SF Facility Built 2001 20.2 Acres: Expandable + Outside Expandable! Zoned M-1 Est. 5 Acres Usable Expandable, Dock & Drive-In Access Storage Potential, Wet Sprinklers Freezer/Cooler, Sprinklered For Sale: $450,000 24’ to 26’ Ceilings, Wet Sprinkler Dick Porter (ESFR Design), 1,200 Amp Elec 4 Docks + 1 Drive-In, Active Rail Parcel B: 5.763 Acres Total Foreign Trade Zone, Proximate to Rolls CCIM, SIOR 8 Docks + 1 Drive-In Door Spur (CSX), RIC Airport Area Estimated 4 Acres Usable Royce Jet Engine Mfg & For Lee 804.521.1443 Interim Tenant Henrico County Location For Sale: $450,000 Expandable •Owner Relocating
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