24A — January 2026 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
www.marej.com
O wners , D evelopers & M anagers
Savills & CBRE represent DPR Construction in 203,000 s/f, full-building transaction Matan Companies fully leases final building at Northlake II in Ashland, VA
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County’s thriving market. Construction on Building D commenced in summer 2025, with completion targeted for late spring 2026. This lease un- derscores the robust demand for high-quality industrial space in Greater Richmond, where vacancy rates remain low and absorption continues to outpace new supply. DPR Construction, founded in 1990 and headquartered in Redwood City, California, brings its expertise in sustain- able and technology-driven projects to Virginia. With an- nual revenues exceeding $9 billion and a workforce of over
10,000, DPR has completed landmark builds nationwide, including hospitals, data cen- ters, and corporate campuses. This new facility will enhance DPR’s East Coast presence. JLL’s Gareth Jones, Chris Avellana, and Char- lie Polk represented Matan at Northlake II, and DPR was represented by Savills and CBRE on this deal. MAREJ “Our expansion into Rich- mond is a natural extension of our regional development strategy,” said Zach Jung , managing director, Matan Companies. “With Northlake II fully leased, we will kick off Northlake III this spring, a single building totaling 210,000 s/f with ample trailer parking and IOS.” MAREJ Cushman & Wakefield Thalhimer inks $7 Million sale
SHLAND, VA — Matan Companies has secured a full-
building lease for the final phase of its Northlake II in- dustrial park. The 203,000 s/f building has been leased to DPR Construction . Northlake II, located in Ash- land, Virginia, 15 miles north of Richmond, is a premier class A industrial development spanning four buildings and totaling 548,000 s/f. Phase I (Buildings A, B, and C), total- ing 345,000 s/f, was delivered and leased in early 2024 to tenants including Ferguson Enterprises, Chadwell Supply,
Northlake II under construction
Envoy Solutions, and Haskell Hardware. The strategic posi- tioning along Interstate 95 pro- vides connectivity to the East
Coast’s primary north-south corridor, ideal for logistics, manufacturing, and distribu- tion operations in Hanover
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Terrace Apartments
ROANOKE, VA — Cush- man & Wakefield | Thal - himer’s Capital Markets Group , in conjunction with Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group , represent- ed the seller, Terrace North, LP and Terrace South, LP, in the marketing and sale of Terrace Apartments, a 187- unit affordable apartment community in Roanoke. Terrace Apartments con- sists of two properties: Ter- race North, a 78-unit commu- nity located at 1540 Maiden Lane SW, and Terrace South, a 109-unit community lo- cated at 1532 Bluemont Ave. SW. B. Negotiations on behalf of the seller were led by Clay Taylor of Cushman & Wake- field | Thalhimer’s Capital Markets Group, in collabora- tion with Cushman & Wake- field’s Mid-Atlantic Multifam - ily Advisory team of Jorge Rosa and Anthony “TJ” Liberto . The transaction for a sale price of $7 million. The buyer, Terrace Part- ners, LLC, consists of a group of investors with strong ties to the region. MAREJ
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