Another new player in the region’s industrial development market has made its entry by way of a new building in Ashland.
MacKenzie Investment Group, a real estate development and investment arm of Maryland-based MacKenzie Cos., recently completed its first local project with a 202,000-square-foot warehouse near Ashland’s southern boundary.
The building, at 11060 Johnson Road, is fully leased with three tenants set to occupy the space, according to an announcement. The tenants – Home Depot, flooring and countertops distributor MS International, and Sentara Healthcare – are expected to move into the building in coming months.
The building represents the first phase of North Richmond Industrial Park, a 75-acre development planned to total 600,000 square feet of warehouse and industrial space. The rest of the park remains in the design stage but could consist of one or more additional buildings, the company said in an email to BizSense.
“It will likely be one building, but we are evaluating whether to possibly break it into two buildings based on interest from prospective tenants,” the company said. “Right now, we’re trying to keep our options open in order to deliver the right product to the market.”
Constructed on spec, the Johnson Road building is off the west side of Route 1 near Capital City Speedway and across the highway from the northern terminus of North Lakeridge Parkway, where an Amazon fulfillment center and other industrial users are located.
The building features 32-foot-high ceilings, 46 dock doors and a surrounding parking lot that can fit 46 trailers and about 160 cars. The site is about 20 miles north of Richmond and has nearby access to Interstate 95.
The 24-acre property, described in Hanover County land records as Johnson Road Industrial Lot 2, is owned by EC Real Estate LLC, an entity tied to Charlottesville-based concrete contractor Eagle Corp. The LLC acquired it last March along with an adjoining 64-acre parcel, described as Lot 1.
The records do not indicate a purchase price for the parcels, which are assessed collectively at $20.4 million.
MacKenzie would not release a development cost for the building. County assessment records show the improvement value for that parcel increased over last year by $10.5 million.
The company’s announcement included comments from MacKenzie Investment Group President Mike Bradley, who said the Richmond market is ripe for additional warehouse and industrial space given the region’s population, labor market and interstate, port and airport access.
“We see a long runway for this asset class in the central Virginia area and intend to remain a significant player that provides best-in-class real estate products to end-users,” Bradley said in the announcement, which added that MacKenzie is working on land entitlement for additional projects in the region.
North Richmond Industrial Park adds to other industrial activity in the area. Last fall, new-to-market Matan Cos., also out of Maryland, broke ground on the first phase of Northlake II, a new section of the nearby Northlake industrial park.