Construction starts on $100M industrial center in Hanover
East Coast Commerce Center will be more than 1.1 million square feet
Construction started Dec. 9 on the $100 million, 1.1-million-square-foot East Coast Commerce Center in Hanover County.
The speculative industrial project is slated for completion in mid-summer 2022. The 129-acre center will have 120 truck docks, 540 trailer parks, 8-foot floor slabs, a 2:1 parking ratio and more than 35 surplus acres.
“We’re very eager for what’s to come at East Coast Commerce Center,” Nelson Hioe, managing partner at Raith Capital Partners, said in a statement. “We moved aggressively to lock in steel pricing early in the development process and with construction underway, we will deliver the building in Q3 2022.”
The site is located at 10462 Hickory Hill Road, near the intersection of state routes 641 and 646.
“This asset has exceptional access to many major consumer markets along the East Coast, and we look forward to delivering this property in order to serve the supply chain and logistics needs of the mid-Atlantic region,” Equity Industrial Partners CEO Bruce Levine said in a statement.
Raith Capital Partners and Equity Industrial Partners own the property, and Becknell Industrial is the developer. JLL announced Tuesday that it would be marketing the center, and Adam Lawson and Jake Servinsky will oversee leasing and marketing.