Overview
Cushman & Wakefield is pleased to exclusively offer for sale the Lakeridge Logistics Center, comprised of two brand-new, Class A construction, ±124,750 sq. ft. concrete tilt-up distribution warehouses (±249,500 total sq. ft.), strategically located along Interstate 95 in Ashland, Virginia (High Growth Richmond MSA). The two-building portfolio is 100% leased on a NNN basis with 6.7 years of WALT and 3.0%-3.5% annual rent increases to Rosendin Electric, Trane, L&C Cabinetry and Riverstone Logistics. Located 13 miles north of downtown Richmond, the site offers unsurpassed distribution and logistics advantages with convenient access to Interstates 95, 295, & 64, US Highway 1, Richmond International Airport and the Ports of Richmond and Virginia.
Investment Highlights
Leases / Tenants
- New long-term net leases at market rents and 3.0% - 3.5% annual rent increases
- Rosendin Electric, one of the largest U.S. electrical contractors with 12,000 employees and $5.6B in revenues, plans to invest $14M and hire 250 employees for the facility as a regional hub for their electrical contracts
- Trane, a global HVAC and building systems/control manufacturer, is relocating and expanding from across the street with a new 10-year lease with 3.5% annual increases
- Riverstone Logistics is a national third-party logistics provider with 53 operating locations, over 11,000 daily deliveries, and 4,500+ independent motor carrier partners
- L&C Cabinetry is a regional distributor of high-quality and cost-effective cabinetry, sink and flooring solutions with locations in North Carolina, Tennessee and Virginia
Real Estate / Area Strengths
- Just 13 miles north of downtown Richmond, the property is strategically located on Interstate 95 just north of the I-95/I-295 interchange with easy access to I-95 via the Sliding Hill Road interchange
- Superior regional connectivity with easy access to Interstates 95, 295, & 64 that circle the Richmond MSA, connect to the Ports of Richmond and Virginia, and span the Eastern US from Maine to Miami
- New 2025 Class A concrete tilt-up construction: both buildings feature 32’ clear height, 54’ x 50’ column spacing (60’ speed bay), 218’ truck court, 2,000 amps - 277/480V power, and 60 total dock doors
- Highly functional improvements with substantial clear height, institutional quality construction, flexible divisibility, loading capability and abundant parking
- Strong real estate fundamentals, minimal finish, and market rental rates
- Richmond MSA is well positioned within 500 miles of nearly 60% of the US population, 50% of US manufacturing activity and 60% of major US corporate headquarters
- The Richmond industrial market has experienced some of the highest rent growth in the country since 2021 with Class A market rents up 120% and inventory up nearly 80%
- Limited market inventory with a 3.9% vacancy rate and nearly 2.1M square feet of net absorption in 2025
- High barriers to entry for new speculative industrial projects in Hanover County with change in zoning for distribution making existing projects more valuable with limited future supply
Contacts
