{"id":1004710516,"date":"2024-04-16T03:05:51","date_gmt":"2024-04-16T11:05:51","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004710516"},"modified":"2024-04-16T03:05:54","modified_gmt":"2024-04-16T11:05:54","slug":"scannell-properties-sells-cold-storage-facility-for-85m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/scannell-properties-sells-cold-storage-facility-for-85m\/","title":{"rendered":"Scannell Properties Sells Cold Storage Facility for $85M"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"750\" data-attachment-id=\"1004710520\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/scannell-properties-sells-cold-storage-facility-for-85m\/cardinal-commerce-center\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Cardinal-Commerce-Center.jpg\" data-orig-size=\"1000,750\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1693565731&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Cardinal Commerce Center\" data-image-description=\"&lt;p&gt;The facility at 10399 Washington Highway in Glen Allen, Va.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The 328,335-square-foot mission-critical cold storage facility features 52 dock loading doors and 160,000 square feet of freezer\/cooler space. Image courtesy of JLL&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Cardinal-Commerce-Center.jpg?w=1000\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Cardinal-Commerce-Center.jpg\" alt=\"The facility at 10399 Washington Highway in Glen Allen, Va.\" class=\"wp-image-1004710520\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Cardinal-Commerce-Center.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Cardinal-Commerce-Center.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Cardinal-Commerce-Center.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><figcaption class=\"wp-element-caption\">The 328,335-square-foot cold storage facility features 52 dock loading doors and 160,000 square feet of freezer\/cooler space. <em>Image courtesy of JLL<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Scannell Properties has sold Performance Food Group @ Cardinal North, a 328,335-square-foot cold storage facility in Glen Allen, Va., for $85.4 million. The mission-critical distribution building is fully leased to Performance Food Group Co.<\/p>\n\n\n\n<p>JLL worked on behalf of the seller and procured the buyer, an entity leading to Eaton Vance Real Estate Group, public records show. As of 2021, the company is part of Morgan Stanley Investment Management Corp.<\/p>\n\n\n\n<p>The cold storage asset is part of Cardinal Commerce Center, a three-building industrial campus that came online in two phases, also including a 260,000-square-foot distribution center and a 186,900-square-foot speculative building.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/ai-leads-to-data-center-boost-across-markets\/\">How AI is Boosting the Data Center Market<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>Completed last year, Performance Food Group @ Cardinal North features 160,000 square feet of freezer\/cooler space, 32-foot clear heights, an almost 10,000-square-foot stand-alone vehicle maintenance and fueling facility and 138 trailer storage spaces. Additionally, the building has two drive-in doors and 52 dock-high loading doors.<\/p>\n\n\n\n<p>The property occupies more than 59 acres at 10399 Washington Highway, close to interstates 95 and 295. Richmond International Airport and Richmond Marine Terminal are within a 21-mile radius, while downtown Richmond is within 14 miles. The facility is also less than 4 miles from Northlake Distribution Center, a 293,115-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/lingerfelt-partners-group-buy-106m-industrial-portfolio\/\">warehouse that traded last year<\/a>.<\/p>\n\n\n\n<p>JLL Capital Markets Senior Managing Directors Bill Prutting and Pete Pittroff, Senior Directors Craig Childs and Dave Andrews, along with Directors Josh McArdle and Christopher Dale, arranged the transaction on behalf of Scannell. Pittroff, Andrews and McArdle also represented Rockefeller Group in the sale of a <a href=\"https:\/\/www.commercialsearch.com\/news\/rockefeller-group-sells-1-msf-industrial-park-for-106m\/\">1 million-square-foot industrial park<\/a> in Fort Mill, S.C.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-scannell-s-recent-industrial-developments\">Scannell\u2019s recent industrial developments<\/h2>\n\n\n\n<p>Since its inception in 1990, Scannell Properties has completed more than 550 development projects totaling 158 million square feet. Last month, the firm announced plans for a 1 million-square-foot industrial park near Savannah, Ga., to be developed in partnership with INDUS Realty Trust Inc. The two-phase project is expected to <a href=\"https:\/\/www.commercialsearch.com\/news\/indus-scannell-to-break-ground-on-1-msf-savannah-area-industrial-project\/\">break ground this quarter<\/a>.<\/p>\n\n\n\n<p>Scannell also started work on a 479,000-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/scannell-properties-breaks-ground-on-479-ksf-oregon-project\/\">distribution and manufacturing facility<\/a> in Salem, Ore., in November. The development is scheduled to come online next year.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-richmond-s-industrial-sector-faces-challenges\">Richmond\u2019s industrial sector faces challenges<\/h2>\n\n\n\n<p>The Richmond-Tidewater market saw more than 1 million square feet of industrial space change hands year-to-date as of March, according to CommercialEdge information. This represents a steep decline from the almost 2.5 million square feet that traded during the same period of 2023.<\/p>\n\n\n\n<p>In one of this year&#8217;s deals, a joint venture between Lovett Industrial and an affiliate of Heitman LLC acquired Diamond Hill Distribution Center, an approximately <a href=\"https:\/\/www.commercialsearch.com\/news\/lovett-jv-buys-richmond-area-industrial-park\/\">720,000-square-foot industrial park<\/a> in Chesapeake, Va. Link Logistics sold the property.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Performance Food Group Co. fully occupies the recently completed asset.<\/p>\n","protected":false},"author":3355,"featured_media":1004710520,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,21783,11,21742,36153],"tags":[32796,33823,38446],"class_list":["post-1004710516","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-investment","category-midatlantic","category-latest","category-richmond-hampton-roads","tag-jll","tag-morgan-stanley-real-estate-investing","tag-scannell-properties"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Scannell Properties Sells Cold Storage Facility for $85M - 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