Silverman Group Picks Up 1 MSF Virginia Industrial Portfolio
This is one of the largest transactions in the area this year.
The Silverman Group has purchased a six-building, 1 million-square-foot industrial portfolio in the Richmond, Va., area called the Richmond Airport Logistics Portfolio. The transaction is one of the largest industrial transactions in the local market this year.
JLL Capital Markets represented the seller, which was not disclosed. SL Industrial Partners will manage the portfolio.
The properties included in the sale are:
- 4700 Eubank Road, Richmond, Va: 117,954 square feet
- 4800 Eubank Road, Richmond, Va: 445,381 square feet
- 5300 S. Laburnum Ave., Richmond, Va: 54,894 square feet
- 6601 S. Laburnum Ave., Richmond, Va: 168,378 square feet
- 5200 Anthony Road, Sandston, Va: 143,783 square feet
- 5401 Lewis Road, Sandston, Va: 71,651 square feet
The six assets, which sit on three sites, were built between 1971 and 1999 and are cumulatively 95 percent leased to 26 tenants. In-place rents for the facilities currently sit about 21 percent below market levels, with a weighted average lease term of less than three years.
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With a total of 212 dock doors across the portfolio, the buildings also include clear heights ranging from 18 feet to 25.5 feet. The facilities can also be configured for cross-dock, front-load and rear-load formats.
All assets in the portfolio are within a 5-minute drive of Richmond International Airport and are located near the intersection of interstates 295 and 64. Interstate 95 is about 14 minutes away, and the Port of Virginia is within about 70 miles.
JLL Senior Managing Directors Bill Prutting and Pete Pittroff led the sale, along with Director Ginna Wallace and Senior Directors Craig Childs, Chris Dale and Dave Andrews.
Another Richmond asset changes hands
The Richmond area saw another sale of a 1 million-square-foot asset in September. Lake Washington Partners bought Hickory Hill, a 1.1 million-square-foot facility in Ashland, Va., from Raith Capital Partners and Equity Industrial Partners. Built on a 190-acre site, the warehouse opened in 2022.
Transaction volume in the Richmond-Tidewater region shrank 27.2 percent year-over-year as of August, according to Yardi Matrix. The first eight months of the year saw $366.7 million in sales across 3.5 million square feet of space.
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