Raith Capital, Equity Industrial Sell 1.1 MSF Richmond-Area Asset

Raith Capital Partners and Equity Industrial Partners have sold a 1.1 million-square-foot industrial asset in Ashland, Va., to Lake Washington Partners.

Dubbed Hickory Hill, the warehouse sits on a nearly 190-acre site at 10462 Hickory Hill Road in Hanover County, about 22 miles north of downtown Richmond, Va. Thoroughfares such as U.S. Route 1 and Interstate 95 run within less than 1 mile, while Richmond International Airport operates about 29 miles away.

The 2022-built property features a clear height of 36 feet, four drive-in doors, 120 dock doors, as well as available land for possible expansion. An apparel industry company fully leases the warehouse.

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This isn’t Raith’s first sale in metro Richmond. Late last year, it sold more than 740,000 square feet of industrial assets to EQT, Yardi Research Data shows. The properties traded for upward of $90 million.

Raith’s deals with EQT extended beyond Richmond. In Jacksonville, Fla., EQT paid more than $64 million to buy Raith and Equity Industrial’s portfolio of approximately 521,000 square feet. The deal also closed late last year.

Richmond’s industrial investment eases

Investment activity tempered across Richmond–Tidewater as the industrial transaction volume shrank 27.2 percent year-over-year, reaching $366.7 million during the first eight months of 2025, according to Yardi Research Data. Similarly, nearly 3.5 million square feet of industrial space changed hands year-to-date through August, marking a 32.1 percent decline compared to the same period of last year.

Another significant deal closed earlier this year when Stream Realty paid $97.5 million for The Halle Cos.’ 923,400-square-foot industrial park in Richmond, the same source shows. Jackson National Life Insurance Co. issued a $50.5 million acquisition note.