The Landmark Co. Inc. in Richmond says it is about to break ground on the second phase of Ruffin Mill Center, a flex project at Continental Boulevard and Ruffin Mill Road in Chesterfield County.
The new phase will include two buildings: one with 45,600 square feet and dock-high loading and one with 22,800 square feet and grade-level loading. Leased space could be available by the end of the first quarter of 2012.
Ruffian Mill has done extremely well for the developer. “The first phase, consisting of 68,400 square feet in two buildings, was constructed in 2009 at the height of the recession and is already 91 percent leased after just two years, ” Rory O’Connor, a principal with the company, said in a statement.
Ruffin Mill Center’s occupancy surpasses that of the southwest quadrant submarket where it is located, as well as the overall flex market in metropolitan Richmond where vacancy rates stood at 12.8 percent and 15.6 percent respectively at the end of the second quarter, according to a market report from Grubb & Ellis | Harrison & Bates. The center is zoned for light industrial and office/warehouse use.
Current tenants include Allen Corp. of America, Efficiency Management LLC and Kraft Foods Global, Inc. Ruffin Mill is located one mile from I-95 at the Wood’s Edge Road exit and is not far from Fort Lee. “The proximity to Fort Lee was also a plus for three of the tenants who are vendors supporting Fort Lee operations,” said Greg Creswell, a leasing representative with Grubb & Ellis | Harrison & Bates, the project’s marketing representative.
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