LaSalle Pays $71M for Richmond-Area Warehouse
The buyer’s industrial investments ramped up significantly this month.
LaSalle Investment Management has purchased AXIAL Gateway 95, a 505,068-square-foot warehouse in South Chesterfield, Va., from Crescent Communities. The asset traded for $70.5 million, public records show. JLL Capital Markets advised the seller.
AXIAL Gateway 95 came online last year, one year after Santander Bank had issued a $32.5 million construction loan, Yardi Matrix shows. A U.S. subsidiary of Kyushu Electric Power Co. also provided equity for the development.
DMA Architecture designed the facility with KBD Group serving as general contractor and Timmons Group taking charge of civil engineering.
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Hillphoenix, a subsidiary of Dover Food Retail and manufacturer of refrigeration systems, fully leases the property. The company benefited from various grants and incentives, including a $900,000 subsidy from the Commonwealth’s Opportunity Fund.
The warehouse features 36-foot clear heights, 66 dock doors and a rear-load configuration with an 185-foot truck court depth. Parking arrangements allow for 436 cars and 115 trailers with the possibility of a future expansion.
AXIAL Gateway 95 is at 6401 Walthall Industrial Parkway on 57 acres, roughly 18 miles south of downtown Richmond, Va., and less than 1 mile from Interstate 95. Richmond’s port and airport are within 17 miles of the property.
Crescent Communities develops multifamily and commercial properties. Its portfolio includes the AXIAL warehouses, which have a combined value of more than $921 million. The company’s entire industrial footprint consists of 65 properties spanning roughly 14.5 million square feet of completed buildings and 3 million square feet of assets under construction.
LaSalle accelerates industrial acquisitions
LaSalle Investment Management had $84.8 billion of assets under management in private and public real estate equity and debt investments at the end of June. Since then, the firm has ramped up its stake in industrial assets.
Just this month alone, it has made two other acquisitions in Washington from Panattoni. LaSalle bought out the developer’s interest in a fully leased 681,780-square-foot warehouse the two companies built together in Vancouver, Wash., and it also acquired Panattoni’s 458,707-square-foot fully leased property in Seattle.
Richmond-Tidewater investors stay active
Richmond-Tidewater’s industrial investment volume clocked in at $573 million during the first three quarters of 2025, up 7.5 percent year-over-year, according to Yardi Matrix.
Assets traded on average for $109.6 per square foot during this period. This was significantly below the $142 national average recorded in September, a recent CommercialCafe report shows. LaSalle paid $141.6 per square foot for its latest warehouse.
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