Red Rock Developments’ First Foray in Greater Richmond

The company has teamed up with Westport Capital Partners to develop a spec industrial project in Chesterfield County.

Red Rock Developments and Westport Capital Partners Begin Industrial Project in Metro Richmond
Spec industrial project in MeadowvilleTechnology Park. Rendering courtesy of Cushman & Wakefield | Thalhimer

Cushman & Wakefield | Thalhimer, of Glen Allen, Va., will handle leasing for the property, which marks Red Rock’s first project in the Greater Richmond area.

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The 353,044-square-foot Class A building is targeted at manufacturing and logistics users and will be the first speculative development in the 1,300-acre-plus Meadowville Technology Park, which is owned by the Chesterfield Economic Development Authority.

The building will feature 36-foot clear height, dock and drive-in loading, above-market-standard truck and auto parking, and 185-foot truck courts.

Site development on the 54-acre parcel will begin this spring, and completion of the building is slated for the fourth quarter.

Mark Douglas and Graham Stoneburner of Cushman & Wakefield | Thalhimer will represent Red Rock in the building’s leasing.

Meadowville Technology Park is along the east side of I-295, near its intersection with Route 10. Other tenants in the park include Amazon, Niagara Bottling, Medline, Science Applications International Corp., Altria and AdvanSix.

Demand outpacing supply

Red Rock has long considered Meadowville Technology Park a prime location for its entrance into the Richmond, Virginia market, John Barker, Red Rock’s president & chief development officer, said in a prepared statement. He added that the Chesterfield County industrial market “is increasingly tight on supply.”

Despite 1.1 million square feet of deliveries in the second half of 2020, the overall vacancy in metro Richmond’s industrial space market remained at a 10-year low of 3.2 percent, according to a fourth-quarter report from JLL.

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