Wizard Bins Leases Richmond Industrial Facility
The property is part of a larger development.
Wizard Bins & Auctions has leased a 56,542-square-foot industrial facility at 6031 Nine Mile Road, in Richmond, Va. S.L. Nusbaum Realty Co. brokered the deal on behalf of the ownership.
The property had become vacant in January of this year, when PMC Commercial Interiors relocated to another industrial facility in the metro.
As of May, the national industrial in-place rent averaged $9.12 per square foot, marking a four-cent increase from April and 5.2 percent compared to the same time last year, according to the latest Yardi Matrix report. Meanwhile, the national average vacancy rate across the sector clocked in at 8.8 percent, up 30 basis points on a trailing 12-month basis, due to new supply levels and demand beginning to stabilize.
A Richmond industrial facility
A Class B asset, the industrial property on Nine Mile Road features five loading docks, and 16-feet clear heights, as well as a designated parking area. The low-rise is part of the Food Lion-anchored Newbridge Square Shopping Center and sits on a 6-acre site between Newbridge Road and South Lake Avenue.
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Major thoroughfares in the area include interstates 64 and 295, as well as U.S. Route 60. Downtown Richmond is within 7 miles west. The property serves approximately 128,000 individuals on a 5-mile radius, according to S.L. Nusbaum Realty Co. data, which boast an average household income of $86,696 per year.
S.L. Nusbaum Realty Co. Senior Vice President Nathan Shor, Senior Director Trib Sutton and Senior Associate Andrew Brodie arranged the deal on behalf of the landlord.
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