Speculative industrial property in Richmond lands tenant
A New Jersey company is relocating its East Coast distribution warehouse to a speculative industrial property built next to the Richmond Marine Terminal.
Brother International Corp. will lease the entire 461,700-square-foot warehouse, Colliers International announced Monday evening. Colliers represented Panattoni Development Co., which built the Richmond area’s largest speculative warehouse.
“Brother has selected a distribution site that provides them easy access to their cargo via the Richmond Marine Terminal and to their customers via I-95,” John F. Reinhart, CEO and executive director of the Virginia Port Authority, said in a statement. “We also want to thank Panattoni Development Company for its foresight to build speculative warehouse space in this market. Public and private infrastructure development outside our gates, combined with ongoing terminal improvements, promises continued job and investment growth of Virginia.”
The lease will begin in the second quarter of this year. The warehouse is located next to the Richmond Marine Terminal and Interstate 95. The existing warehouse is the first phase of Panattoni's distribution center at the site. Since signing a long-term lease for the terminal in 2016, the Port of Virginia has made several multimillion-dollar investments in the river terminal. Last year, container cargo volume was up 31.5 percent at the facility.
Matt Anderson of Colliers International represented the landlord, Panattoni Development Co., and Gregg Christoffersen and Andy Zezas of JLL represented Brother International Corp.