12C — February 18 - March 17, 2022 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
www.marej.com
O wners , D evelopers & M anagers
R Project for Baltimore-based company represents Phase I of larger 68-acre business community MIG enters Greater Richmond, VA market with delivery of 202,000 s/f whse./industrial building ICHMOND, VA — MacKenzie Invest- ment Group, LLC
tenants, represents the Phase I portion of the North Rich- mond Industrial Park, 75- acre business community that can support up to 600,000 s/f of warehouse/industrial space. MacKenzie Investment Group is reviewing options regarding the timing for pro- ceeding with the balance of the development plan, with no determination made at the present time. Constructed on a specula- tive basis and located near US Rte. 1 and I-95 and 20 miles north of Richmond, the project is equipped with 32-
foot ceiling heights, 46 dock doors and is surrounded by a surface parking lot that can accommodate nearly 160 cars and 46 trailers. Leases have been executed with The Home Depot; MS Interna- tional, Inc., an importer and distributor of natural stones and countertops; and Sen- tara Healthcare, a non-profit healthcare organization serv- ing Virginia and North Caro- lina. Each tenant expects to take occupancy over the next several months. “We believe the endur- ing fundamentals contained within Richmond make the marketplace ripe for addi- tional warehouse and indus- trial developments, given its proximity to major population centers, a mature highway system and well-regarded port access, and the pres- ence of a highly-skilled labor market,” said Mike Bradley , president of MacKenzie Investment Group . “The same-day and next-day de- mands of consumers continue to apply pressure on retailers and manufacturing compa- nies to establish logistics operations to serve an ex- panding need. 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.” North Richmond Industrial Park is positioned within 500 miles of 60% of the nation’s consumers, within 100 miles from the Port of Virginia and has direct access to Richmond International Airport which handles more than 85 million pounds of cargo annually. The project is also served by freight service through CSX and Northern Southern and is near Interstates 64, 95, 85 and 295. According to data from Co- Star Group , more than 10.5 million s/f of industrial/ware- house space was leased in the greater Richmond metropoli- tan area in 2021, resulting in a 2.9% vacancy rate to close the year. The net absorption during this period exceeded one million s/f of space in the fourth quarter. In addition to North Rich- mond Industrial Park, MIG is working with several other land parcels in the Richmond area that are in various stag- es of entitlement. MAREJ
(MIG) has entered the great- er Richmond, VAmarket with its delivery of a 202,000 s/f warehouse/industrial build- ing located at 11060 Johnson Rd. in Ashland. MIG is the commercial real estate devel- opment and investment com- ponent of The MacKenzie Companies , the Baltimore- based company which oper- ates six full-service divisions addressing all real estate asset classes. The building, which is 100% leased to three
11060 Johnson Rd.
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